Budget 2023: FM Sitharaman announces Mahila Samman Bachat Patra

Finance Minister announces Mahila Samman Bachat Patra- one-time new small savings scheme.

Finance Minister announced Mahila Samman Bachat Patra- a one-time new small savings scheme – for a two-year period up to March 2025. This initiative will avail a deposit facility for a woman up to ₹two lakh for two-year period at a fixed interest rate of 7.5% with partial withdrawal option.

Union Finance Minister Nirmala Sitharaman presents the Union Budget 2023-24 in the Lok Sabha, in New Delhi, Wednesday, Feb. 1, 2023. (PTI)

The initiative is launched to commemorate the Azadi Ka Amrit Mahotsav. The Finance Minister further enhanced the maximum deposit level of Senior Citizens' Saving Scheme from ₹15 lakh to ₹30 lakh. She also announced enhancing the maximum deposit limit for Monthly Income Accounts Scheme from ₹4.5 lakh to ₹9 lakh for single accounts, and ₹9 lakh to ₹15 lakh for joint accounts.