In her Budget 2023 speech, Finance Minister Nirmala Sitharaman announced a new small saving scheme called Mahila Samman Bachat Patra Yojana, also known as Mahila Samman Saving Certificate. This has sparked interest among women who are curious about the scheme and how it compares to other government-run schemes, particularly Sukanya Samriddhi Yojana.
Mahila Samman Saving Certificate is a short-term scheme with a two-year investment period starting from March 2023 to 2025. It offers an annual interest rate of 7.5 per cent, which is comparable to fixed deposits. Additionally, there is no age limit, so women and children of any age can invest, and partial withdrawals are allowed.
Sukanya Samriddhi Yojana, on the other hand, is a long-term investment scheme exclusively for girl children. It offers an interest rate of 7.6 per cent and requires a minimum annual investment of Rs 250 and a maximum of Rs 1.5 lakh. The investment period is 15 years, starting from the girl child's birth, and the amount can be partially withdrawn once the girl child turns 18 years old. The entire amount can be withdrawn after she turns 21.
There are significant differences between the two schemes. Mahila Samman Saving Certificate is a short-term scheme with a maximum investment limit of Rs 2 lakh, while Sukanya Samriddhi Yojana is a long-term scheme that allows investment in small amounts regularly over a 15-year period. Additionally, any woman can invest in the Mahila Samman Saving Certificate, while only girls can invest in Sukanya Samriddhi Yojana.
Choosing between the two schemes depends on individual preferences and goals. If you want to invest for a short period, the Mahila Samman Saving Certificate is an excellent option, whereas Sukanya Samriddhi Yojana is more suitable for long-term investments. The latter scheme is also more targeted, as it aims to secure the financial future of girl children.
Apart from these two schemes, the government offers several other schemes for women, and it is essential to consider all the options before making an investment decision. Overall, these schemes are an excellent opportunity for women to secure their financial future and achieve their financial goals.
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