Nirmala Sitharaman announces new, one-time savings scheme for women, limits for senior citizens increased
In her 2023 Union Budget speech, Finance Minister Nirmala Sitharaman announced the setting up of a new, one-time savings scheme for women and girls, called the Mahila Samman Bachat Patra (savings certificate). The scheme will have a deposit facility of up to ₹2 lakh for women.
The savings scheme will be valid for a period of two years, up to March 2025. It will provide a fixed interest rate to the beneficiaries at 7.5% per annum and will also offer a partial withdrawal option.
For senior citizens, the maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakhs to Rs 30 lakhs.
The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakhs to Rs 9 lakhs for single account and from Rs 9 lakhs to Rs 15 lakhs for joint account.
Other than the financial sector, the remaining priorities are: inclusive development, reaching the last mile, infrastructure and investment, unleashing potential, green growth, and youth power.
