Indian Government Schemes for Women

Savings Bank Account

Many banks have ‘women’s savings accounts’ that offer discounts and cash-back to women who spend on shopping, wellness, food, entertainment and a lot more through the bank’s debit card. It allows women to earn while they spend. There are various banks that offer an additional discount to women on medical tests specific to women’s health. This encourages women to prioritise their health and wellbeing. Additionally, women can open a ‘Junior Account’ for the education of their children. It has no minimum balance requirement if it is linked to a Recurring Deposit Account or a Systematic Investment Plan.?

Health & Life Insurance Premiums

Women can benefit from the special medical insurance schemes and premium rates that are customized to meet their health needs. Life insurance companies offer special schemes for women, keeping women-centric diseases like breast cancer in focus. This encourages women to invest in a policy based on their current medical health. Women enjoy less premium with discounts up-to a certain age at large. Insurance premium paid on life insurance is exempted under the Income Tax Act for men and women. Traditionally, women end up paying a lower amount of premium as compared to men because women have a higher life expectancy than men.?

Low interest rate on loans

Women applying for a home loan can enjoy a low interest rate. There is a difference of about 0.05% on the interest rate between loan applications made by men and women. The same is applicable for car loans as well. When you look at it regarding net interest savings, you can benefit in the long run.?

Reduction in stamp duty

Some states in the country provide an exemption to women in stamp duty and transfer duty for conveyance deeds, sale deeds and gift deeds. The exemption is only applicable if the property is in the name of a woman. In states where there is no exemption, there is a small rebate on the percentage of duty charges for women.?

Entrepreneurship

The government has introduced various incentives and schemes to promote entrepreneurship among women. A recent scheme by the government aimed at financial benefits for women, ‘Stand Up India’ allows women entrepreneurs to apply for bank loans between RS. 10 lakhs and RS. 1 crore in the manufacturing and trading sector for the first time. The government has also launched a Mudra Yojana Scheme for women to grant loans ranging between 50,000 to RS. 10 lakhs for women. Aspiring women entrepreneurs who want to start small new enterprises and businesses can easily avail it. Additionally, there are various banks that offer different packages to women based on their loan requirement and enterprise size.?

Bharatiya Mahila Bank

The bank was started with the goal to finance underprivileged women who wanted to start their own business. In 2017, it was merged with State Bank of India. The scheme offers a loan of up to RS. 20 crores for small businesses at an interest rate of 12.25 percent.

Cent Kalyani Scheme

This scheme is to provide financial stability for women who manage small and medium enterprises in the agricultural sector or retail trading. Loans of up to RS. 100 lakhs are sanctioned without any requirement of a guarantee. These loans are offered by the Central Bank of India.?

Mahila Udhyam Nidhi Scheme

This scheme was launched by the Punjab National Bank, and it aims to help women set up new projects. Loans of upto RS. 10 lakhs are sanctioned by the bank.?

Annapurna Scheme

This scheme is suitable for women who own a food catering business. It is offered by Bharatiya Mahila Bank and State Bank of Mysore. They offer loans up to RS. 50,000 without any requirement in collateral. The loan is to be repaid within a period of three years.?

Stree Shakti

Offered by the State Bank of Mysore, the loan is suitable for women who are a part of Entrepreneurship Development Programs. For this loan, the applicant must have 50 percent ownership in the business and loans of up to RS. 50 lakhs are sanctioned.?

Orient Mahila Vikas Yojana Scheme

This scheme was initiated by Oriental Bank of Commerce and is ideal for women entrepreneurs in India who want to start a small business. There is a concession of 2 percent on the rate of interest on the loan. Moreover, no collateral is needed for a loan amount not exceeding RS. 25 lakh.

Dena Shakti Scheme

The scheme offers loans up to RS. 20 lakhs and is suitable for women who want to do business out of education, housing and retail trading. There is a concession of 0.25 percent on the rate of interest.