Finance Minister Nirmala Sitharaman on February 1 announced a one-time small saving scheme for women. The scheme will be called Mahila Samman Saving Certificate which will be available till March 2025.
The scheme will have a tenure of 2 years and will offer a fixed rate of interest at 7.5 percent. The deposit can be made in the name of a woman or a girl child. The scheme will have a partial withdrawal facility as well. In this scheme, the maximum deposit amount is kept at Rs 2 lakh.
The finance minister also enhanced the maximum amount of money, a senior citizen can invest in the senior citizen saving scheme (SCSS) to Rs 30 lakh compared to Rs 15 lakh now. The postal monthly income scheme (POMIS) also saw an enhancement of limit. In a single name Rs 9, lakh can be invested in POMIS as compared to Rs 4.5 lakh as of now. For a joint account the limit is enhanced to Rs 15 lakh from Rs 9 lakh earlier.
The enhancement of limits has come as a solace for investors looking for regular income in times of high inflation. The schemes are backed by a sovereign and hence do not carry credit risk.
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