Mahila Samman Savings Certificate | Post Office Scheme for Women | Post Office Women's Scheme
In this video of Josh Money, we will be discussing about complete details of Mahila Samman Bachat Patra Yojana.
The Union Finance Minister, Smt. Nirmala Sitharaman announced Mahila Samman Saving Certificate, a new small savings scheme for women and girls, in her Budget Speech 2023-24. The Mahila Samman Savings Certificate scheme was announced to commemorate the Azadi ka Amrit Mahotsav.
The Mahila Samman Savings Certificate will be available for two years, from April 2023-March 2025. It will offer a maximum deposit facility of up to Rs.2 lakh in the name of women or girls for two years at a fixed interest rate.
Features of Mahila Samman Savings Certificate
Below are the features of the Mahila Samman Savings Certificate announced in the Budget 2023-24:
Government-Backed Scheme
Mahila Samman Savings Certificate scheme is a small savings scheme backed by the government. Hence, it does not have any credit risk.
Eligibility
The Mahila Samman Savings Certificate can be done only in the name of a girl child or woman.
Interest Rate
This scheme will give a fixed interest rate of 7.5%, much higher than most bank Fixed Deposits (FDs) and other popular small savings schemes.
Deposit Limits
The maximum deposit amount under the Mahila Samman Savings Certificate is Rs.2 lakh. The minimum amount is yet to be specified.
Tenure
This scheme is a one-time scheme with a tenure of two years. This scheme will be available for two years, i.e. from 2023 to 2025.
Premature Withdrawal
A partial withdrawal facility is provided under the Mahila Samman Saving Certificate scheme.
Tax Benefits
Small savings schemes usually qualify for tax benefits under Section 80C. However, the taxation structure of this scheme is yet to be specified.
Source: Clear Tax
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