Mahila Samman Saving Certificate: Union Finance Minister Nirmala Sitharaman on February 1 (Wednesday) announced a 'Mahila Samman Saving Certificate' in Budget 2023 for women. 

Mahila Samman Saving Certificate: Total Amount 

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The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh.

Mahila Samman Saving Certificate: Interest Rate

The investment scheme will offer a fixed interest rate of 7.5 per cent which is much higher than most of the bank fixed deposits and other popular investment schemes like Post Office Monthly Income Scheme (POMIS), Senior citizen saving scheme (SCSS), Public Provident Fund (PPF), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana (SSY). 

Mahila Samman Saving Certificate: Maturity Date 

The deposit facility for the one-time new small saving scheme under Mahila Samman Saving Patra for the women and girls will be for a period of two years between 2023 and 2025. 

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Mahila Samman Saving Certificate: Tax Benefits 

Small savings plans are investment tools for people who qualify for significant tax benefits under Section 80C like Public Provident Fund (PPF), Senior Citizens Small Savings Scheme (SCSS), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana (SSY). However, the taxation structure of the scheme is not known yet. 

Mahila Samman Saving Certificate: Features

The scheme is backed by a sovereign and hence does not carry any credit risk.

Mahila Samman Saving Certificate: Withdrawal limit

The government of India has allowed the partial withdrawal facility in the Mahila Samman Saving Certificate scheme.  

Mahila Samman Saving Certificate: Where and how to open account

The details of the scheme have not been shared yet by the government. However, analysts have opined that the scheme can be opened in any state-owned banks starting April 1, 2023.

Hike in Deposits of Post Office Monthly Income Scheme (POMIS) and Senior citizen saving scheme (SCSS)

1) The maximum amount of money that can be invested in the senior citizen saving scheme (SCSS) has been enhanced to Rs 30 lakh compared to Rs 15 lakh now.

2) The postal monthly income scheme also saw an enhancement of the limit. In a single name, Rs 9 lakh can be invested as compared to Rs 4.5 lakh now. The enhancement of limits has come as a solace for investors looking for regular income in times of high inflation.

Other incentives in Budget 2023 

1) The Finance Minister in her Budget Speech said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been created by mobilising rural women.

2) The government plans to enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members.

3) Financial assistance of more than Rs 2.25 lakh crore has been provided to small farmers under PM-Kisan Samman Nidhi. About three crore women farmers have been provided Rs 54,000 crore under the scheme.

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