Budget 2023: What is Mahila Samman Saving Certificate? Check All Details Here

Finance Minister Nirmala Sitharaman on Wednesday, 1 February, announced the 'Mahila Samman Saving Certificate' for women with a fixed interest rate of 7.5 percent, for a period of two years during the Union Budget 2023. Check the details on the new scheme for women and other announcements here.
Budget 2023: Mahila Samman Bachat Patra, Check Details
Budget 2023: Mahila Samman Bachat Patra, Check Details

Finance Minister Nirmala Sitharaman on 1 February 2023, Wednesday, announced the 'Mahila Samman Saving Certificate' for women. It is a one-time new small savings scheme for a two-year period up to March 2025. 

This initiative will avail a deposit facility for a woman up to ₹2 lacks for a two-year period at a fixed interest rate of 7.5% with a partial withdrawal option. The initiative is launched to commemorate the Azadi Ka Amrit Mahotsav.

Mahila Samman Saving Certificate: Details on the Scheme

  • Finance Minister Nirmala Sitharaman announced the issue of the Mahila Saving Samman Certificate in Budget 2023.
  • This will be a two-year saving scheme, which can be availed till 2025.
  • In this, there will be an investment option of up to Rs 2 lakh for women.
  • They will get a fixed interest of 7.5 percent. 
  • They will also be able to make partial withdrawals.
  • This scheme is expected to be a source of savings for them in this era of inflation. 

READ|What is the difference between Interim Budget and Vote on Account?

Union Budget of India 2023: Definition, Types & More

Other Small Saving Schemes

The Finance Minister further enhanced the maximum deposit level of Senior Citizens' Saving Scheme from ₹15 lakh to ₹30 lakh

She also announced enhancing the maximum deposit limit for Monthly Income Accounts Scheme from ₹4.5 lakh to ₹9 lakh for single accounts, and ₹9 lakh to ₹15 lakh for joint accounts.

Right now some other small saving schemes are being run. Some of them are: 

  • Kisan Vikas Patra
  • Senior Citizen Savings Scheme
  • Post Office Savings Scheme
  • Monthly Savings Letter 

Budget 2022 Announcements and Analysis

  • In contrast with Budget 2023, the word 'women' appeared only six times in Budget 2022 according to reports and there were no specific new policies announced for women.
  • according to an analysis of the All India Democratic Women’s Association (AIDWA) the Gender Budget has seen a decline from 0.71% of the GDP of the revised estimates for 2021-22 to 0.66% in the estimates of 2022-2023, 
  • The Budget for the Ministry of Women and Child Development as a portion of the expenditure has declined from 0.57% to 0.51%, with the ministry receiving₹20,263.07 crore.
  • The other schemes under the Ministry that look after the safety of women such as Beti Bachao, Beti Padhao, One Stop Centres, Nari Adalat, Mahila Police Volunteer, and Women’s Helpline saw a decline in allocation from ₹587 crore to ₹562 crore.
  • Mission Vatsalaya of the Ministry, which includes child welfare and child protection services, saw a 63.5 percent hike to ₹900 crore.

With the new Budget 2023 the citizens are looking forward to a sigh of relief from the hardships of inflation, especially women.

Finance Minister Nirmala Sitharaman has said that now you will not have to pay any income tax with an annual income of Rs 7 lakh.

 A new tax slab has also been announced. Under the new income tax structure (NEW INCOME TAX SLAB), no tax will have to be paid on an annual income of 0 to 3 lakh rupees. 

There will be a tax of 5% on income of Rs 3 to 6 lakh. However, a 10 percent tax will have to be paid on income of Rs 6 to 9 lakh. If we talk about high-income earners, then a 15 percent income tax limit has been kept in the income tax slab of Rs 9 to 12 lakh. At the same time, there will be a limit of 20 percent for those earning 12 to 15 lakhs.

Know More: [Latest] What is the new Income Tax slab rate 2023?


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