Mahila Samman Saving Certificate scheme: Finance Minister has brought a scheme in Budget 23 for women which gives 7.5% interest to women for a duration two years.
Central government has made a big announcement for women in the budget 2023. Finance Minister Nirmala Sitharaman has announced Mahila Samman Bachat Patra (Mahila Samman Saving Certificate). It is deposit scheme for woman for a period of two-year. It offers fixed interest rate of 7.5 per cent annually on the deposit amount for the duration of 2-year.
This puts extra burden of banks to raise the interests on their fixed deposit schemes in order to attract depositors. The Indian banking sector is already facing cash crunch and to meet the growing demand of credit, the banks in coming days can increase the interest rate in order to maintain cash flow.
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It is noted that the credit rate of the banking sector has witnessed a growth of 14.9 per cent in 2022. While the deposit rate is increased by 9.2 per cent. In order to maintain the demand of credit banks are left with no other option but to increase the interest rates on deposits.
Mojor banks like SBI, ICICI Bank, RBL Bank, Axis Bank, and IDFC First Bank have already planned to hike interest rates on deposits, however, most still offer less than the 7.5 per cent interest rate offered by the Mahila Samman Saving Certificate.
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In addition, the Finance Minister has increased the investment limit in the deposit scheme for senior citizens from Rs 15 lakh to Rs 30 lakh, with an annual interest rate of 8%. This action has increased the pressure on banks to make their deposit schemes more appealing and raise interest rates in order to compete.
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