🚂 Current Fix Deposit Rates 🌞 SBI - General Citizen 3% to 7.10% Senior Citizen - 3.60% to 7.60% 🌞 HDFC - General - 3.00% to 7.40% Senior Citizen - 3.50% to 7.90% 🌞 ICICI - General - 3% to 7.10% Senior Citizen - 3.50% to 7.60% 🌞 PNB - General - 3.50% to 7.25% Senior Citizen - 4% to 7.75% 🌞 Kotak Mahindra - General - 2.75% to 7.20% Senior Citizen - 3.25% to 7.70% 🌞 Axis - General - 3.50% to 7.10% Senior Citizen - 3.50% to 7.85% 🌞 Bank of Baroda - General - 3% to 7.25% Senior Citizen - 3.50% to 7.55% 🚂 Current Recurring Deposit Rates 🌞 SBI - General 4.40% to 5.50% Senior Citizen 4.90% to 6.20% 🌞 ICICI - General 3.50% to 5.50% Senior Citizen 4% to 6.30% 🌞 HDFC - General 4.40% to 5.50% Senior Citizen 4.90% to 6.25% 🌞 KOTAK - General 4.30% to 5.20% Senior Citizen 4.80% to 5.70% 🌞 AXIS - General 4.40% to 5.75% Senior Citizen 4.65% to 6.50% 🌞 IDBI - General 7% to 7.15% Senior Citizen 7.50% to 7.65% ☁️ National Pension Scheme - 9% to 12% pa ☁️ Employees Provident Fund - 8.15% pa ☁️ Public Provident Fund - 7.1% pa Mudra Yojana

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Mudra Yojana

 

What is Mudra Yojana?

The Mudra Yojana is also known as the Pradhan Mantri Mudra Yojana, “Mudra” stands for Micro Units Development and Refinance Agency, launched by the Government of India to provide financial support to aspiring entrepreneurs or desire to start their own small scale businesses.  The scheme is also finance to expand their businesses.

The Pradhan Mantri Mudra Yojana provides loans through various financial institutions. The loans provided under the Mudra Yojana are categorized into three segments. The first segment is Shishu Mudra loan, which offers financial support of up to Rs. 50,000 for individuals aiming to start small businesses such as general stores, beauty parlors, tailoring shops, etc. The second category is Kishore Mudra loan, which offers loans ranging from Rs. 50,000 to Rs. 5,00,000 to facilitate the establishment of small-scale businesses. The third category is Tarun, wherein the scheme extends loans ranging from Rs. 5,00,000 to Rs. 10,00,000 for business setup or expansion. This initiative aids entrepreneurs in diversifying their businesses at various stages of growth.

The goal of the Mudra Yojana loan scheme is to create employment opportunities and boost economic growth by providing financing to individuals aspiring to start their own businesses. Additionally, it aims to empower individuals at the grassroots level, enabling small businesses to thrive and contribute to the overall development of the economy.

Example:

Swati, a talented woman from a village, having skills in creating a beautiful imitation jewellery.  Due to the financial problem and poor economic background, Swati has struggled to turn her creativity into a business.

One day Swati heard about the Mudra Yojana and she decides to explore the scheme.  She approaches bank and applies for a Mudra loan under the Shishu category, for to setting up a small business, to purchase equipment’s and raw material for her imitation jewellery business.  After the proper submission of all the documents and project details, finally bank approves her loan application.  After loan amount disbursed, Swati sets up a small workshop and begins creating imitation jewellery.

As her business gains momentum, Swati expands her operations by employing two additional staff members and begins supplying products to local markets. Gradually, she also starts selling her products through online platforms. She not only repays the Mudra loan but also expands her business further by reinvesting her profits, establishing another branch in a nearby area.

Conclusion:

Through the assistance of the Pradhan Mantri Mudra Yojana loan scheme, Swati's entrepreneurial journey not only materializes into a resounding success but also fosters employment opportunities within society. Furthermore, it empowers other women to pursue their entrepreneurial aspirations and initiate their own businesses.


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