This year, the Modi government started a special scheme for women named Mahila Samman Savings Certificate. It gives an interest of 7.5 percent and also gets the benefit of compounding.
Presenting the budget for the financial year 2023-24, Finance Minister Nirmala Sitharaman had announced Mahila Samman Savings Certificate. This is a great small saving scheme for women. This is a lump sum investment scheme in the short term, which has been started for 2 years at present. This is a great scheme for women, in which along with good returns, the benefit of compounding is also available. If a woman investor deposits Rs 2 lakh in this scheme, then after two years she will get an interest of Rs 32 thousand 44.
Minimum Rs 100 can be deposited
At least 1000 rupees can be invested in this scheme. After that Rs 100 can be invested in multiples and the maximum limit is Rs 2 lakh. This scheme has started from 1 April 2023. At present, this scheme will remain open for investment till March 31, 2025. There can be more than one account in the name of a woman. A gap of at least 3 months is necessary between opening two accounts.
Getting interest of 7.5 percent
Talking about the interest rate, 7.5 percent interest is being received on this scheme. Interest is paid after 2 years, but is calculated quarterly compounding. Talking about tax calculation, the interest amount is added to your total income and tax is levied according to the tax bracket. Talking about TDS, interest income up to 40 thousand from the post office does not come under the purview of TDS.
Private banks also got permission
Seeing the increasing attraction towards this scheme, the government has recently changed the rules. Now apart from public sector banks, Mahila Samman Saving Certificate account can also be opened in ICICI BAnk, Axis Bank, HDFC Bank and IDBI Bank.
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