What is the new Mahila Samman Saving Certificate scheme announced in the Budget 2023?

Mahila Samman Saving Certificate is available up to March 2025.

Mahila Samman Saving Certificate

India's Finance Minister took to the stage and announced various schemes for the Indian Public. One such scheme is the Mahila Samman Saving Certificate which will allow a maximum deposit of Rs. 2 lacs and contains a facility for partial withdrawal. You will only be able to use this till March 2025. The scheme is for women and is a one-time small saving scheme. 

Also Read: How to improve financial safety for women?

Tenure and Limit Enhancements

The tenure for the scheme will be of two years. The interest offered will be fixed at 7%. You can deposit in the name of a girl child or woman and avail of the partial withdrawal facility. Our Finance Minister also increased the maximum amount a senior citizen is allowed to invest in SCSS (Senior Citizen Saving Scheme) from Rs. 15 lacs to Rs. 30 lacs. POMIS, or postal monthly income scheme, has also increased its limit. Earlier, the POMIS limit was Rs. 4.5 lac, which has now increased to Rs. 9 lacs. The limit enhancements are seen as a welcome move for investors that seek regular income in this time of high inflation. The sovereign backs these schemes and is free from any risk. 

What Was Announced? 

Interestingly, the word "women" only appeared 6 times in the Budget. No new policies specifically for women were introduced. The Gender Budget decreased to 0.66% from 0.71%, according to AIDWA (All India Democratic Women's Association). The Ministry of Women and Child Development budget has declined to 0.51% from 0.57% as an expense portion, and the ministry received Rs. 20,263.07 crores. 

Also ReadHacks for women to improve their financial situation.

Conclusion

We saw a decrease in the fund allocation for women's safety schemes like Women's Helpline, Mahila Police Volunteer, Nari Adalat, One Stop Beti Bachao, and Beti Padhao to Rs. 562 crores from Rs. 587 crores. Child welfare and protection services saw a hike by 63.5% to Rs. 900 crores. 

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