mahila saman savings scheme: New small savings scheme for women Mahila Samman Saving scheme launched

A new small savings scheme has been announced for women in the Budget. As per the announcement made, Mahila Saman Savings Scheme is being launched for women and girl. The scheme will have a tenure of two years till March 2025. The scheme will offer interest rate of 7 per cent for maximum deposit of Rs 2 lakh.

According to the Nirmala Sitharaman speech, “For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. This will offer deposit facility upto ` 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option. “

Small Savings Schemes are investment tools administered by the government with the goal of encouraging residents to save for the long term. Small Savings Schemes such as Public Provident Fund (PPF), Senior Citizens Small Savings Scheme (SCSS), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY) are some of the popular investment instruments as they not only offer fixed returns along with tax benefits but also backed by government.