Finance Minister Nirmala Sitharaman introduced the Mahila Samman Bachat Patra Yojana, or Mahila Samman Saving Certificate, a new small savings program in her Budget 2023 speech.
Women who are interested in learning more about the program and how it compares to other government-run programs, particularly Sukanya Samriddhi Yojana, have taken notice of this.
The Mahila Samman Saving Certificate is a short-term plan that requires two years of investment from March 2023 to March 2025. It has an annual interest rate that is comparable to that of fixed deposits, which is 7.5%. Women and children of any age can also invest and make partial withdrawals because there is no age limit.
On the other hand, the Sukanya Samriddhi Yojana is a long-term investment plan that is only for girls. It requires a minimum annual investment of Rs 250 and a maximum of Rs 1.5 lakh and offers an interest rate of 7.6%.
The amount can be partially withdrawn when the girl child turns 18 years old, and the investment period begins at the birth of the girl child and lasts for 15 years. After she turns 21, she can withdraw the entire sum.
The two schemes are vastly different from one another. The Sukanya Samriddhi Yojana is a long-term plan that allows regular investments of small amounts over a 15-year period, while the Mahila Samman Saving Certificate is a short-term plan with a maximum investment limit of Rs 2 lakh. In addition, the Sukanya Samriddhi Yojana is only open to female investors, whereas the Mahila Samman Saving Certificate is open to all women.
Individual preferences and objectives should guide your decision between the two plans. The Mahila Samman Saving Certificate is a great option for short-term investments, whereas Sukanya Samriddhi Yojana is better for long-term investments. The latter plan is also more specific because it aims to protect girl children’s financial future.
The government offers a number of other programs for women in addition to these two, so it’s important to weigh all of your options before making an investment decision. In general, these schemes provide women with a fantastic opportunity to safeguard their financial future and accomplish their financial objectives.
