Finance Minister Nirmala Sitharaman announced a one-time small savings scheme for women on February 1. The scheme will be called “Mahila Samman Savings Certificate” and will be valid until March 2025.

The plan has a term of 2 years and a fixed interest rate of 7.5%. Deposits can be made in the name of women or girls. The program will also provide partial withdrawal facilities. The scheme keeps the maximum deposit at Rs 2 lakh.

The finance minister has also raised the maximum amount senior citizens can invest in the Senior Citizen Savings Scheme (SCSS) from Rs 1.5 lakh to Rs 3 lakh. The Postal Monthly Income Scheme (POMIS) limits have also increased. Instead of Rs 450,000 in a name, Rs 9 lakh can be invested in POMIS. For joint accounts, the limit has been raised to Rs 1.5 lakh from the previous Rs 9 lakh.

The higher limit is a consolation for investors looking for regular income during times of high inflation. These schemes are backed by a sovereign and carry no credit risk.