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. Mahila Samman Savings Certificate was also announced in the FY 2023-24 Budget.
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What is Mahila Samman Savings Certificate, 2023 (MSSC)?
Mahila Samman Saving Certificate scheme was announced in the 2023-24 Budget to commemorate ‘Azadi Ka Amrit Mahotsav‘ and is considered a significant step towards financial inclusion and empowerment of the women, including the girls.
Mahila Samman Savings Certificate Tenure
The two year tenure Mahila Samman Savings Certificate offers a fixed interest compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of Rs 2 lakh.
The scheme is valid for a two-year period upto March 31, 2025.
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Mahila Samman Savings Certificate Interest Rate
Mahila Samman Savings Certificate offers a fixed interest of 7.5% interest compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of Rs 2 lakh.
Mahila Samman Savings Certificates Apply
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The Ministry of Finance has issued the Gazette Notifications for Mahila Samman Savings Certificates, 2023 and the scheme has been made available in 1.59 lakh post offices.
Also, the National Savings (Monthly Income Account) Scheme, 2019 has been amended through National Savings (Monthly Income Account) (Amendment) Scheme, 2023 and the maximum investment limit has been raised from Rs 4 lakh fifty thousand to Rs 9 lakh for a single account and from Rs 9 lakh to ₹ 15 lakh for a joint account with effect from April 01, 2023.
Likewise, the Senior Citizen Savings Scheme, 2019 has been amended through Senior Citizens Savings (Amendment) Scheme, 2023 and the maximum investment limit has been raised from Rs 15 lakh to Rs 30 lakh.
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Interest rates on all the small savings schemes, except Savings Deposit and PPF, have also been upwardly revised with effect from April 01, 2023.
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These measures are expected to benefit the post office small savings customers and attract more investment in these schemes through post offices, especially in rural areas and amongst girls, women, farmers, artisans, senior citizens, factory workers, government employees, small traders and other sections of the society.
For further details, customers can visit www.indiapost.gov.in.
