Women get a one-time small savings scheme

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.

Print Friendly and PDF