Source: The post is based on the article “Women get a one-time small savings scheme” published in The Hindu on 2nd February 2023.
What is the News?
In the Union Budget 2023-24, the Finance Minister has announced a new small savings scheme for women called Mahila Samman Saving Certificate(MSSC).
What is a Mahila Samman Saving Certificate(MSSC)?
It is a one time small saving scheme for women.
Key Features of the scheme:
The scheme will be made available for a two-year period up to March 2025.
It will have a fixed interest rate of 7.5% for two years.
The deposit can be made in the name of a woman or a girl child.
The maximum deposit amount has been kept at ₹2 lahks and the scheme will have a partial withdrawal facility as well.
Significance of the scheme: Mahila Samman Savings Certificate with a higher rate of interest will encourage more women to adopt formal financial saving instruments.
Discover more from Free UPSC IAS Preparation Syllabus and Materials For Aspirants
Subscribe to get the latest posts sent to your email.
