Finance Minister Nirmala Sitharaman, in her Budget 2023 speech, announced a small savings scheme for women. During the budget speech, the FM said the Mahila Samman Savings Certificate would have a tenure of two years and would offer an interest rate of 7.5%.

According to the Sitharaman, “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 Rs 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 to encourage residents to save for the long term. Public Provident Fund (PPF), Senior Citizens Small Savings Scheme (SCSS), National Savings Certificate (NSC) and Sukanya Samriddhi Yojana (SSY) are some of the popular investment options under the small savings schemes. These not only offer fixed returns along with tax benefits but are also backed by the government.