New Delhi: Finance Minister Nirmala Sitharaman announced Mahila Samman Bachat Patra, which is a one-time new small savings scheme for a two-year period up to March 2025. While announcing the Budget for the financial year 2023-24 in the Parliament, Finance Minister announced this deposit facility for a woman and girls. It allows a saving facility of up to Rs 2 lakh for a two-year period at a fixed interest rate of 7.5% with a partial withdrawal option.
Finance Minister said that the Mahila Samman Bachat Patra, a saving certificate, is an initiative to commemorate the Azadi Ka Amrit Mahotsav. The move was welcomed with taps by the women MPs.
For commemorating #AzadiKaAmritMahotsav, a one time new small savings scheme ‘Mahila Samman Bachat Patra’ will be made available up till March 2025
This will offer deposit facility up to ₹2 Lakhs at a fixed interest rate of 7.5% with partial withdrawal option #AmritKaalBudget pic.twitter.com/jxyqgBEXjv
— PIB India (@PIB_India) February 1, 2023
Nirmala Sitharaman also said that 81 lakh self-help groups have been created by mobilising rural women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission to economically empower rural women.
Announcing other saving schemes, Nirmala Sitharaman enhanced the maximum deposit level of the Senior Citizens’ Saving Scheme from Rs 15 lakh to Rs 30 lakh. The Senior Citizens’ Saving Scheme proved an interest of 8% per annum.
The maximum deposit limit for Monthly Income Accounts Scheme has been increased from Rs 4.5 lakh to Rs 9 lakh for single accounts, and Rs 9 lakh to Rs 15 lakh for joint accounts.
In the big announcement, the Finance Minister gave the new tax regime with the income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh. She also announced the new income tax slabs, which are as follows:
Rs 0-3 lakh: NIL
Rs 3-6 lakh: 5%
Rs 6-9 lakh: 10%
Rs 9-12 lakh: 15%
Rs 12-15 lakh: 20%
Above Rs 15 lakh: 30%
