The finance minister introduced a brand new scheme for girls, Mahila Samman Saving Certificate. (Representative picture)
Mahila Samman Saving Certificate will supply deposit facility upto Rs 2 lakh within the identify of girls or women for a tenure of two years.
Union finance minister Nirmala Sitharaman whereas presenting the Budget 2023 on February 1, made bulletins to alter the revenue tax slabs change within the new tax regime, together with essential modifications in a few of the already current financial savings schemes. The finance minister had additionally introduced a brand new scheme for girls, Mahila Samman Saving Certificate.
What Is Mahila Samman Saving Certificate?
Mahila Samman Saving Certificate is a one-time new small financial savings scheme of the federal government of India introduced within the Budget 2023.
Mahila Samman Savings Certificate will likely be made obtainable for a two-year interval as much as March 2025. This will supply deposit facility upto Rs 2 lakh within the identify of girls or women for a tenure of two years.
Mahila Samman Saving Certificate Interest Rate
Mahila Samman Saving Certificate will supply deposit facility upto Rs 2 lakh within the identify of girls or women for a tenure of two years at mounted rate of interest of seven.5 per cent with a partial withdrawal choice.
Experts really feel that the Mahila Samman Savings Certificate is an appropriate different to mounted deposits (FDs) invested within the identify of a lady for the brief time period.
“The returns are higher than bank FDs and partial withdrawal makes liquidity less of a concern,” Adhil Shetty, chief government officer, Bankbazaar.com advised Moneycontrol.
Mahila Samman Saving Certificate Launch Date
It must be famous that the taxation construction of the Mahila Samman Saving Certificate scheme is but to be identified and the scheme is anticipated to be obtainable from April 1, 2023.
How To Apply For Mahila Samman Saving Certificate Scheme?
The Mahila Samman Saving Certificate Scheme will likely be rolled out by banks and publish workplaces throughout the nation.
Recently, the finance minister Nirmala Sitharaman mentioned that public sector banks ought to promote the scheme by particular drives and campaigns.
Difference between Mahila Samman Saving Certificate and Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana: The Sukanya Samriddhi Scheme is a small deposit scheme of the federal government of India meant completely for a woman baby. The scheme is supposed to fulfill the training and marriage bills of a woman baby.
The present price of curiosity supplied by Sukanya Samriddhi Yojana is 7.6%, which is compounded yearly.
Account might be opened within the identify of a woman baby until she attains the age of 10 years.
The complete quantity deposited in an account shall not exceed Rs 1,50,000 in a monetary 12 months.
Sukanya Samriddhi scheme has tax advantages beneath Section 80C.
The account matures after 21 years from the date of opening or on marriage of the woman baby beneath whose identify the account is opened, whichever is earlier.
The withdrawal of as much as a most of fifty% is allowed for the aim of training, offered the account holder attains the age of eighteen years or has handed tenth customary, whichever is earlier.
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