Finance Minister Nirmala Sitharaman on February 1 announced a one-time small saving scheme for women. The scheme will be called Mahila Samman Saving Certificate which will be available till March 2025.
The one-time new small saving scheme will offer an interest rate of 7.5 per cent for a maximum deposit of Rs 2 lakh. The scheme will be available for years up to March 2025.
The finance minister also enhanced the maximum amount of money, a senior citizen can invest in the senior citizen saving scheme (SCSS) to Rs 30 lakh compared to Rs 15 lakh now. The postal monthly income scheme (POMIS) also saw an enhancement of limit. In a single name Rs 9, lakh can be invested in POMIS as compared to Rs 4.5 lakh as of now. For a joint account the limit is enhanced to Rs 15 lakh from Rs 9 lakh earlier.
The enhancement of limits has come as a solace for investors looking for regular income in times of high inflation. The schemes are backed by a sovereign and hence do not carry credit risk.
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