Representational Image. Courtesy: Pranay
New Delhi: In a major, the Union Finance Minister Nirmala Sitharaman on Wednesday announced new saving scheme with a fixed interest rate of 7.5% for the women citizens of India.
The deposit for the “Mahila Samman Saving Certificate” can be made in a woman’s or a girl child’s name.
The maximum deposit amount has been set at Rs. 2 lakh, and the programme will also allow for partial withdrawals.
“One-time new small saving under ‘Mahila Samman Saving Patra’. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent,” Sitharaman announced.
She added that as part of the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been established by enlisting rural communities.
“By establishing huge producer firms or collectives with each having several thousand members, we will enable these groups to achieve the next stage of economic empowerment,” she stated.
Under the PM-Kisan Samman Nidhi, more than 2.25 lakh crore in financial aid has been given to small farmers.
According to the finance minister, the programme has supplied $54,000 billion to about three crore women farmers.
In addition, Sitharaman announced raising the maximum investment amount for the Senior Citizen Savings Scheme (SCSS) from the current 15 lakh to 30 lakh.
Additionally, the cap for the postal monthly income programme was raised. 9 lakh can be invested in a single name as opposed to the current 4.5 lakh.
For investors seeking a steady income during periods of strong inflation, the raising of limitations has been a consolation.
Experts have called it a no credit risk scheme citing the backing of the government.
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