Mahila Samman Saving Certificate

Subject: Economy

Section: Fiscal policy

Concept:

Finance Minister recently announced a new saving scheme ‘Mahila Samman Saving Certificate’ for women and girls in the Union Budget.

Mahila Samman Saving Certificate Scheme:

The scheme offers deposit facility up to Rs 2 lakh in the name of women or girls for a tenor of 2 years.
It offers fixed interest rate of 7.5 per cent.
There are no tax benefits, but partial withdrawal is allowed in this scheme.
This is a one-time scheme announced in Budget 2023 and will remain available for a two-year period i.e. up to March 2025.
Benefit: It will encourage more women to adopt formal financial saving instruments.