Sitharaman launches new 'Mahila Samman Savings' scheme with 2-yr tenure, all details here

Finance Minister Nirmala Sitharaman tabled the Union Budget 2023 with significant allocations to infrastructure development, education and record-breaking funding of Rs 2.4 lakh crore to the Railway sector. In addition to the allocations to strengthen the economic infrastructure, Sitharaman introduced a new scheme to boost the social infrastructure with financial support to women. 

Commemorating the Azaadi Ka Amrit Mahotsav, she announced 'a one-time new small saving scheme', the Mahila Samman Savings Patra or Mahila Samman Savings Certificate. This new scheme will be available for a two-year period up to March 2025 and will offer a deposit facility of up to Rs 2 lakh in the name of a woman or a girl child. The tenure will last two years with an interest rate of 7.5% and an option of partial withdrawal. 

Centre's efforts to empower women

For the implementation of various schemes and programmes of the Ministry of Women and Child Development, the Centre classified all major schemes of the Ministry under three umbrella schemes -- Mission Poshan 2.0, Mission Vatsalya and Mission Shakti. In 2022, Rs 20,263 crore was allocated for Saksham Anganwadi and POSHAN 2.0 scheme whereas the budget allocated for Mission Shakti (Mission for Protection and Empowerment for Women) was Rs 3,184 crore. All in all, the Ministry of Women and Child Development (WCD) was allocated Rs 25,172.28 crore in 2022 for the empowerment of women.