TDS will not be deducted on the interest received from the Mahila Samman Certificate Savings Scheme launched for women. Whatever interest will be received on this, the recipient will have to pay tax on that income according to the income tax slab.
The Central Board of Direct Taxes has notified the Tax Deducted at Source (TDS) provision for the Post Office Savings Scheme on 16 May. Under this, an account can be opened in the name of a girl or a woman. Mahila Samman Savings Certificate Scheme was announced by Finance Minister Smt. Nirmala Sitharaman in the Union Budget 2023-24. It has been implemented from April 1, 2023. The scheme has been made available in all 1.59 lakh post offices in the country.
Mahila samman savings scheme
New schemes are applicable in India for savings and investment as well as good interest rates. Mahila Samman Savings Scheme is available for investment from April. In this new investment scheme, savings will be encouraged by giving good interest to women in general.
Only women can open Mahila Samman Savings Account.
Higher interest rate has been provided in Mahila Samman Savings Account and in view of such situation, this savings system has been given only to women. This savings scheme with higher interest rate, accounts can be opened for women or minor girls on the application of the guardian.
Getting guaranteed interest of 7.5%.
Up to 7.5% interest is being provided in this savings scheme, although there are some other terms and conditions for which your life is important.
- This account can be opened till March 31, 2025.
- Maximum ₹ 200000 per year can be deposited in the account.
- More than one account can also be opened under this investment scheme.
When up to 8% interest is being received in government and other private banks, then what will be the benefit of this Women’s Savings Samman Account in such a situation? The answer to this question is something like this, because of the increase in the repo rate due to high inflation, banks are paying up to 8% interest.
But changes are being made from time to time by the Reserve Bank of India, due to the repo rate, the interest rates will go down again in the days to come, then such huge fixed deposit interest rates will not be available in the banks. In such a situation, this savings investment will be considered very good for women and an additional savings scheme will be available to the people.
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