During the Union Budget 2023 announcements, Union Finance Minister Nirmala Sitharaman announced revisions to the income tax slabs under the new tax system as well as significant changes to a number of already existing savings plans. One of these announcements was about the launch of the Mahila Samman Savings Certificate, a new savings programme for women and young girls.
This small savings programme aims to give women and young girls financial independence. The new savings scheme will go into effect in April 2023, after which, banks and post offices around the country will roll it out. In this article, we will help you know everything about the Mahila Samman Savings Certificate Scheme.
What Is The Mahila Samman Savings Certificate Scheme?
The Mahila Samman Savings Certificate scheme is the government's new small savings programme. This scheme will be offered for a two-year period ending in March 2025. This plan will provide deposit options of up to Rs 2 lakh to women for a period of two years.
Mahila Samman Savings Certificate: Interest Rate
The investment plan will provide a set 7.5% interest rate with the possibility of a partial withdrawal. This is far higher than the interest rates offered on a majority of bank fixed deposits and other well-known investment programmes, including the Sukanya Samriddhi Yojana, the Public Provident Fund, the Senior Citizens Savings Program, the Post Office Monthly Income Program, and the Public Provident Fund for Older Citizens.
Mahila Samman Savings Certificate: Launch Date
The Mahila Samman Savings Certificate scheme will be launched on April 1, 2023.
Mahila Samman Savings Certificate: How To Invest?
The government has not yet disclosed the plan's specifics. Analysts believe that starting on April 1, 2023, the plan will be open for investment via any state-owned bank.
Mahila Samman Savings Certificate: Tax Benefits
This is a small savings plan that is backed by the government, and Section 80C of the Income Tax Act, 1961, offers tax benefits for such small savings plans. In reality, small savings programmes are investment tools for people who are eligible for substantial tax benefits under Section 80C, such as the Public Provident Fund, Senior Citizens Small Savings Scheme, National Savings Certificate, and Sukanya Samriddhi Yojana. However, the scheme's taxing structure has not yet been disclosed.
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