The Union Budget 2023 was announced by finance minister Nirmala Sitharaman and presented the government’s view on the nation’s development and growth. Various policies and changes are being made in this budget session with the vision of Amrit Kaal, celebrating India’s independence.
During the budget, the finance minister announced a small savings scheme for women, which will be a step towards women’s independence. The scheme announced a ‘Mahila Samman Saving Certificate’ for women where deposits can be made for two years with an interest rate of 7.5%. Under this scheme, the maximum deposit amount is Rs 2 Lakh which can be made in the name of a woman or girl child, with the availability of a partial withdrawal facility.
As mentioned in Economic Times, Sitharaman said, “For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for two years up to March 2025. This will offer a deposit facility of up to Rs 2 lakh for women or girls for a tenor of 2 years at a 7.5% fixed rate with a partial withdrawal option. “
The women’s self-help has achieved success with the support of the Deendayal Antyodaya Yojana National Rural Livelihood Mission and can be empowered with the help of this new scheme. According to ‘The Hindu’ finance minister Nirmala Sitharaman, “We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members and managed professionally.”
What is a small savings scheme?
This investment tool encourages people to save for the long term. There are various small savings schemes administered by the government, such as National Savings Certificate (NSC), Senior Citizens Small Savings Scheme (SCSS), and Sukanya Samriddhi Yojana (SSY). These are backed by the government and offer tax benefits with fixed returns.
The government fulfils different needs of individuals through small savings or post office schemes. The government announces the interest rates once in three months relating to these schemes. By providing guaranteed and fixed returns and supported by the central government, these schemes have become popular among the citizens. Few of the schemes among these also provide tax-saving benefits. As these schemes are supported by the government, it is reliable and risk-free.
Various other schemes for women
The Government of India has established several schemes to empower women in India. This includes the follow
- Archive: One Stop Centre Scheme
- Archive: Women Helpline Scheme
- Beti Bachao Beti Padhao Scheme
- UJJAWALA: Scheme for Prevention of trafficking and rescue
- SWADHAR Greh
- Sakhi Niwas
- Nari Shakti Puraskar
- Mahila Shakti Kendras