Budget 2023: New women's savings programme announced; Mahila Samman Savings Program to offer large interest

Today's general budget included a sizable present for women and the elderly from Union Finance Minister Nirmala Sitharaman. Women now have access to a new savings programme called Mahila Samman Bachat Patra Yojana. Women will receive favourable savings interest in this. The Senior Citizen Account Scheme now has a ceiling of Rs. 9 lacks, up from Rs. 4.5 lakh.

Feb 1, 2023 - 21:32
Budget 2023: New women's savings programme announced; Mahila Samman Savings Program to offer large interest

On Wednesday at 11 a.m., Union Finance Minister Nirmala Sitharaman delivered the General Budget 2023–24 speech to the Lok Sabha. Prior to it, the Finance Minister met with the President and briefed him on the budget presentation. The budget was then approved by the Union Cabinet. Following that, the Finance Minister entered the House and made a number of budget-related announcements. To help women gain financial independence, Finance Minister Nirmala Sitharaman introduced a new savings programme. The Mahila Samman Bachat Patra Yojana is the official name of this new savings programme. In this, women will get 7.5 percent interest on savings of Rs 2 lakh. The Mahila Samman Savings Scheme, according to Finance Minister Nirmala Sitharaman, would continue to operate through 2025.

The budget for the fiscal year 2023–2024 includes significant announcements for older persons from Finance Minister Nirmala Sitharaman. The Senior Citizens Savings Scheme's deposit cap has been raised by the government to Rs 30 lakh. The scheme's current maximum deposit amount is Rs 15 lakh. Additionally, it has been suggested that the monthly income account programme be increased to Rs 9 lakh. A maximum investment of Rs. 4.5 lakh can now be made through this programme.

In the budget year 2023–23, Union Finance Minister Nirmala Sitharaman officially recognized PAN cards as identity cards. All government departments will accept PAN cards as a standard form of identification for all forms of digital work. The PAN card is now a single business ID. PAN is a 10-digit identifying number that is alphanumeric. It varies depending on the individual. The Income Tax Department is the one who issues it. Currently, there are more than 13 business ID cards in addition to the PAN card, including EPFO, ESIC, GSTN, TIN, and TAN.

When President Draupadi Murmu and Union Finance Minister Nirmala Sitharaman met at Rashtrapati Bhavan today to discuss the General Budget 2023–24, history was made. On the occasion of the General Budget, the President of India is a woman for the first time in the nation's history, as is the Finance Minister. The intent is so obvious that the majority of people in the nation can gladly salute it with Jai Hind.

Muskan Kumawat Journalist & Writer