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Source: The post is based on the article “Women get a one-time small savings scheme” published in The Hindu on 2nd February 2023.
What is the News?
In the Union Budget 2023-24, the Finance Minister has announced a new small savings scheme for women called Mahila Samman Saving Certificate(MSSC).
What is a Mahila Samman Saving Certificate(MSSC)?
It is a one time small saving scheme for women.
Key Features of the scheme:
The scheme will be made available for a two-year period up to March 2025.
It will have a fixed interest rate of 7.5% for two years.
The deposit can be made in the name of a woman or a girl child.
The maximum deposit amount has been kept at ₹2 lahks and the scheme will have a partial withdrawal facility as well.
Significance of the scheme: Mahila Samman Savings Certificate with a higher rate of interest will encourage more women to adopt formal financial saving instruments.