These initiatives span a diverse range of sectors including education, healthcare, entrepreneurship, and social welfare.
The central and state governments have unveiled a series of financial schemes designed to empower women and promote their financial independence. These initiatives span a diverse range of sectors, including education, healthcare, entrepreneurship, and social welfare.
Read More: Atal Pension Yojana: Eligibility, Features, Benefits, and How to Open an Account
From Mahila Samman Scheme to Majhi Ladki Bahin Yojana in Maharashtra, here’s a list of financial assistance schemes designed for women
Subhadra Yojana
The Odisha government announced the Subhadra Yojana on September 2, to promote financial independence among women in the state. Under the program, Rs 10,000 per year will be given to eligible women, between the ages of 21 and 60 years, in two equal installments, totaling Rs 50,000 over five years.
The funds will be transferred directly into the beneficiaries’ Aadhaar-linked bank accounts. They will also be given a Subhadra debit card.
Read More: Teachers’ Day 2024: Teach these 7 key money lessons to the young ones
Majhi Ladki Bahin Yojana
The Government of Maharashtra announced the Majhi Ladki Bahin Yojana in August this year. The scheme offers Rs 1,500 to underprivileged women as a monthly stipend with the annual family income of beneficiaries capped at Rs 2.5 lakh. The benefits of the scheme will be offered to married, divorced, and destitute women aged 21-65
Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate, 2023, is a one-time small savings initiative for women. The scheme, sponsored by the Government of India, aims to instil saving habits in women. It allows any Indian woman, regardless of age, to register an account and invest.
A legal or natural guardian, including a male guardian, may also open an account for a young girl child.
Deposits of up to Rs 2 lakhs can be made in this scheme.
Mahila Samman Savings Certificate is available up to March 2025.
Read More: One-Year Fixed Deposits: List Of Major Private And Public Sector Banks Offering High Interest Rates
Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to promote savings for the education and welfare of young girls. The scheme, launched by the government’s Beti Bachao Beti Padhao initiative allows parents or guardians to open an account in the name of a girl child up to the age of 10. Contributions to the account earn a high interest rate, compounded annually, and offer tax benefits under Section 80C of the Income Tax Act.
The investment in the scheme matures when the girl turns 21. However, partial withdrawals can be made to cover education and wedding expenses when the girl turns 18.
Sukanya Samriddhi Yojana account can be opened by the guardian in the name of a girl child below the age of 10 years.
