Mahila Samman Saving Certificate will offer deposit facility upto Rs 2 lakh in the name of women or girls for a tenure of 2 years.
Union finance minister Nirmala Sitharaman while presenting the Budget 2023 on February 1, made announcements to change the income tax slabs change in the new tax regime, along with crucial changes in some of the already existing savings schemes. The finance minister had also announced a new scheme for women, Mahila Samman Saving Certificate.
Read More: Borrowers Must Be Accorded Hearing Before Declaration Of Bank Account As Fraud: Supreme Court
What Is Mahila Samman Saving Certificate?
Mahila Samman Saving Certificate is a one-time new small savings scheme of the government of India announced in the Budget 2023.
Mahila Samman Savings Certificate will be made available for a two-year period up to March 2025. This will offer deposit facility upto Rs 2 lakh in the name of women or girls for a tenure of 2 years.
Mahila Samman Saving Certificate Interest Rate
Mahila Samman Saving Certificate will offer deposit facility upto Rs 2 lakh in the name of women or girls for a tenure of 2 years at fixed interest rate of 7.5 per cent with a partial withdrawal option.
Experts feel that the Mahila Samman Savings Certificate is a suitable alternative to fixed deposits (FDs) invested in the name of a woman for the short term.
“The returns are higher than bank FDs and partial withdrawal makes liquidity less of a concern,” Adhil Shetty, chief executive officer, Bankbazaar.com told Moneycontrol.
Mahila Samman Saving Certificate Launch Date
It should be noted that the taxation structure of the Mahila Samman Saving Certificate scheme is yet to be known and the scheme is expected to be available from April 1, 2023.
Read More: 10 big income tax rule changes from 1 April 2023 for taxpayers. Details here
How To Apply For Mahila Samman Saving Certificate Scheme?
The Mahila Samman Saving Certificate Scheme will be rolled out through banks and post offices across the country.
Recently, the finance minister Nirmala Sitharaman said that public sector banks should promote the scheme through special 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 government of India meant exclusively for a girl child. The scheme is meant to meet the education and marriage expenses of a girl child.
The current rate of interest offered by Sukanya Samriddhi Yojana is 7.6%, which is compounded annually.
Account can be opened in the name of a girl child till she attains the age of 10 years.
The total amount deposited in an account shall not exceed Rs 1,50,000 in a financial year.
Sukanya Samriddhi scheme has tax benefits under Section 80C.
The account matures after 21 years from the date of opening or on marriage of the girl child under whose name the account is opened, whichever is earlier.
The withdrawal of up to a maximum of 50% is allowed for the purpose of education, provided the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier.
