New small saving scheme for women in Budget, deposit limit for senior citizens scheme hiked

New Delhi, Feb 1 (IANS): Finance Minister Nirmala Sitharaman, presenting the Union Budget for 2023-24 on Wednesday, said that economic empowerment of women is a significant focus area for the government and therefore announced 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 Rs 2 lakh in the name of women or girls for a tenure of two years at fixed interest rate of 7.5 per cent with a partial withdrawal option.

For empowerment of senior citizens, the Finance Minister said: "The maximum deposit limit for senior citizen savings scheme will be enhanced from Rs 15 lakh to Rs 30 lakh. Further, the maximum deposit limit for the monthly income account scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account."

To further build the capacity of functionaries and professionals in the securities market, the budget has proposed that SEBI will be empowered to develop, regulate, maintain and enforce norms and standards for education in the National Institute of Securities Markets.

It will also be empowered to recognise award of degrees, diplomas and certificates.



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Title: New small saving scheme for women in Budget, deposit limit for senior citizens scheme hiked

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