Delhi Proposes Locking ₹1,500 Of Monthly Lakshmi Yojana Aid In RD Accounts
The Delhi government has proposed to allow women beneficiaries of the Delhi Lakshmi Yojana scheme to withdraw only ₹1,000 of the promised ₹2,500 monthly financial assistance immediately. Under the proposal, reported on Sunday, the remaining ₹1,500 would be deposited in a recurring deposit (RD) account with a three-year lock-in period to encourage long-term savings.
The proposal, which is yet to receive Cabinet approval, aims to help beneficiaries build a financial cushion over time rather than spending the entire monthly aid immediately. Although the government plans to deposit the full ₹2,500 into the beneficiary’s bank account every month, only ₹1,000 can be withdrawn right away. The remaining ₹1,500 will automatically transfer to an RD account linked to the beneficiary.
According to a senior government official, the accumulated amount in the RD account, along with interest, will become available after the completion of the three-year lock-in period. Last week, the Delhi government finalised the eligibility criteria for the scheme and renamed the Mahia Samriddhi Yojana to the Delhi Lakshmi Yojana.
The proposed eligibility criteria will first be placed before the Cabinet for approval. Once cleared, it will be sent to the Lieutenant Governor for approval before the scheme is formally notified. Officials indicated that the proposal is likely to be taken up at the next Cabinet meeting, as the government plans to launch the scheme around Raksha Bandhan.
To qualify for the scheme, applicants must submit a self-declaration stating they have been residents of Delhi for at least 10 years and do not have a criminal record. They will also need to submit documents, including Aadhaar cards and voter identity cards of themselves and their family members, to establish their residency.
Under the proposed rules, only one woman aged between 21 and 60 years from each household will be eligible. In households with multiple eligible applicants, only the eldest woman will receive the monthly assistance. If the applicant or any family member has a criminal record, she will be ineligible.
The scheme is proposed to cover women from families with an annual income of up to ₹2.5 lakh, provided they do not receive any pension. The criteria also exclude women employed in government service, income-tax payers, and those who own four-wheelers. The Delhi government has earmarked around ₹5,110 crore for the implementation of this scheme, which was a key promise made by the Bharatiya Janata Party ahead of the Delhi Assembly elections.
