MINISTRY OF FINANCE

SCHEMES

Schemes Features

1. Mahila ● Newly launched small savings scheme exclusively for women and
Samman girls in India.
Savings ● It was announced in the budget of 2023-24.

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Certifica ● Aim of the scheme is to promote financial inclusion &
te empowerment of women & girls.
(MSSC) ● It is available for a 2 year period upto March 2025.

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● MSSC accounts can be opened by women of any age group
including girls.

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● Minimum deposit: Rs 1000 & Maximum: Rs 2 lakh.
● Interest Rate- 7.5% p.a which is compounded quarterly.

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● Facilities of partial withdrawal & premature disclosure (after 6
months & interest rate reduced by 2%) on compassionate grounds
are available.
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● Account holders are eligible to withdraw a maximum of up to 40%
of the eligible balance after 1 year.
● Authorized Agencies: Department of Posts, All Public Sector Banks
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& 4 Private Sector Banks.

2. PM Jan ● It was launched on 15th Aug 2014 to ensure access to financial

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Dhan services in an affordable manner.

Yojana ● Basic tenants of the Scheme: Banking the unbanked, Securing the
unsecured & Funding the unfunded.
● Initial features based on 6 pillars:
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● (i) Universal access to banking services- Branch & banking

correspondents, (ii) Basic Saving bank accounts with overdraft
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facility of 10,000 to every eligible adult, (iii) Financial literacy

programme, (iv) Creation of Credit guarantee fund, (v) Insurance-
(RuPay card insurance) Accident insurance cover upto 2 lakh
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(initially 1 lakh) & life cover of Rs 30,000 and (vi) Pension scheme
for unorganized sector.
● Enhancement in Overdraft facility (OD) when scheme was extended
beyond 2018 like OD upto Rs 2000 without conditions & Increase in
age limit for OD from 60 to 65 years.

3. Stand ● It was launched in 2016 to promote entrepreneurship at the

Dr. Gaurav J. Sontake | www.upscsupersimplified.com | Contact - 7827779142

 Up India grassroot level. It is a Central Sector Scheme.
● Objective: (i) Promote entrepreneurship among Women, SCs & STs,
(ii) Provide loan for Greenfield enterprises in manufacturing,
services, agri-allied activities, trading sector & (iii) Facilitate bank
loans between Rs 10 lakh to 1 cr to at least one SC/ST borrower &
at least 1 women borrower per bank branch of Scheduled
Commercial Banks (SCBs).
● Loan can be extended through All SCBs.

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● Eligibility: SC, ST or Women, above 18 years of age, Loans under
the scheme are available for only greenfield projects, In case of
non-individual enterprises, 51% of the shareholding and controlling

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stake should be held by either SC/ST and/or Women Entrepreneur &
Borrowers should not be in default to any bank.

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● Refinancing Agency- SIDBI.

4. Atal ● Flagship Social Security scheme launched in 2015 to provide old

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Pension age income security to Indian citizens particularly from the
Yojana unorganized sector.
● Eligibility: 18 to 40 years old, all bank account holders.
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● Benefits: Guaranteed minimum monthly pension of Rs 1000 & in its
multiple upto Rs 5000 after the age of 60(based on contribution)
● Administered by- PFRDA. Subscribers can voluntarily exit.
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● Premature death (before 60) spouse can continue or after 60 Pension

will be given to spouse, if spouse dies then to nominee.
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5. PM ● Central sector life insurance scheme launched in 2015 offering

Jeevan coverage for death due to any reason.
Jyoti ● Eligibility & benefits: Citizens (NRI included)- 18 to 50 years age.
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Bima Life cover of upto 2 lakh against the premium of Rs 436 p.a.
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6. PM ● Accidental insurance Central sector scheme launched in 2015.

Suraksh ● Eligibility: Citizens (NRI included)- 18 to 70 years of age.
a Bima ● Benefits: Rs 2 lakh for accidental death/total disability & 1 lakh for
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partial disability against a premium of Rs 20 p.a.

7. New ● Defined retirement benefit contribution scheme with employees

Pension contributing toward their pension corpus along with government.
System: ● Its fund will be invested in earmarked investment schemes. On
PFRDA retirement 60% redeemed amount tax free, 40% in annuities.
● All Indian Citizens (Voluntary) (18-65 years). It involves risk.

Dr. Gaurav J. Sontake | www.upscsupersimplified.com | Contact - 7827779142