Govt announces new one-time small savings scheme for women with 7.5 interest

• Union Finance Minister Nirmala Sitharaman announced the 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years
• Under the National Mission for Rural Livelihood Deendayal Antyodaya Yojana, 81 thousand SHG have been formed by mobilizing rural women
• Sitharaman aannounced an increase in the maximum amount of money that can be invested in the SCSS to Rs 30 lakh compared to Rs 15 lakh now

Union Finance Minister Nirmala Sitharaman on Wednesday announced the 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years.

The deposit can be made in the name of a woman or girl. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will also have a partial withdrawal facility. "One time new small savings under the 'Mahila Samman Saving Patra'. The deposit facility for women and girls will be for two years at an interest rate of 7.5 per cent," Sitharaman announced.

She also said that for the economic empowerment of women under the National Mission for Rural Livelihood Deendayal Antyodaya Yojana, 81 thousand Self Help Groups have been formed by mobilizing rural women. "We will enable these groups to reach the next stage of economic empowerment through the creation of large production enterprises or collectives, each with several thousand members," she said. Financial assistance of more than Rs 2.25 crore has been provided to small farmers under the leadership of Chief Minister Kisan Samman Nidhi. About three lakh farmers have been provided  Rs 54,000 crore under the scheme, the finance minister said.

Sitharaman also announced an increase in the maximum amount of money that can be invested in the Senior Citizens Savings Scheme (SCSS) to Rs 30 lakh compared to Rs 15 lakh now. There was also an increase in the limit for the postal monthly income scheme. One name can invest Rs 9 crore compared to Rs 4.5 crore now. The improvement in limits came as a consolation to investors looking for regular income at a time of high inflation. The schemes are backed by the government and therefore carry no credit risk.