This Scheme, Which Gives More Profits To Women, Will Be Closed, The Government Said.

This special government savings plan may be closed Image credit source: Freepik

When Finance Minister Nirmala Sitharaman presented the general budget for 2023-24 last year, she introduced a special savings scheme for women. Under this scheme, women were offered more interest than usual, i.e. better returns. Now there are indications from the government that it might close this scheme.

The name of the special savings scheme launched by the Finance Minister in the 2023-24 budget is ‘Mahila Samman Savings Certificate’ Scheme. The government had launched it for two years under the ‘Azadi Ka Amrit Mahotsav’. In such a situation, there is a possibility that the government may not take forward this scheme after March 2025.

obtain higher yields

Under the Mahila Samman Savings Certificate scheme, women get better returns as compared to other small savings schemes. The government offers an attractive interest of 7.5 per cent on this scheme. Only a woman or a girl can avail the benefit of this scheme, in which an amount up to Rs 2 lakh is deposited for 2 years.

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The government had introduced this scheme for one time only and it would be available for two years. In such a situation, this scheme is valid only from April 2023 to March 2025. At the moment, the government has not given any indication on taking it forward.

The government will not go ahead with the plan.

Meanwhile, Money Control quoted a government official as saying in the report that the government may close down this scheme. The Mahila Samman Savings Certificate, Sukanya Samriddhi Yojana and Senior Citizens Savings Scheme have received good response in the last few years. But now the investment in these schemes is declining.

There has been a decline of Rs 20,000 crore in collections under these schemes under the National Small Savings Fund during 2023-24. Only the Senior Citizens Savings Scheme has received a good response and an investment of Rs 1.12 lakh crore has been made. Meanwhile, the government has also reduced the collection target of the National Small Savings Fund for 2024-25 from Rs 4.67 lakh crore to Rs 4.2 lakh crore.