Budget 2023: New saving scheme 'Mahila Samman Bachat Patra' for women with 7.5% return

Budget 2023: New saving scheme 'Mahila Samman Bachat Patra' for women with 7.5% return

The deposit facility of Rs 2.5 lakh will be available under this, FM announced.

FPJ Web DeskUpdated: Wednesday, February 01, 2023, 01:36 PM IST
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Union Minister Nirmala Sitharaman during the Budget 2023 announcement on Wednesday introduced an one-time new small saving scheme 'Mahila Samman Bachat Patra'. This will be made available for 2 years period till 2025 and will offer deposit for women/girls with fixed interest rate of 7.5 percent with a partial withdrawal option.

The deposit facility of Rs 2.5 lakh will be available under this, FM announced.

One of the widely popular saving schemes among investors, these schemes are designed to provide safe and attractive investment options to the public and at the same time to mobilise resources for development. These schemes are operated through about 1.54 lakh post offices throughout the country.

Today’s development comes days after the government recently announced a hike in small savings interest rates by up to 1.1 percentage points for the January-March quarter.

The initiative is launched to commemorate the Azadi Ka Amrit Mahotsav. The Finance Minister further enhanced the maximum deposit level of Senior Citizens' Saving Scheme from ₹15 lakh to ₹30 lakh. She also announced enhancing the maximum deposit limit for Monthly Income Accounts Scheme from ₹4.5 lakh to ₹9 lakh for single accounts, and ₹9 lakh to ₹15 lakh for joint accounts.

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