Finance Minister while presenting the Budget 2023 revealed a new scheme for women, Mahila Samman Saving Certificate. This scheme has now been operationalized.
Savings Certificate for Mahila Samman
- It is a one-time new small savings scheme of the government of India announced in the Budget 2023.
- It 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.
- The deposit facility will offer fixed interest rate of 7.5 per cent with a partial withdrawal option.
Benefits offered
- For the short term, it is a viable alternative to fixed deposits (FDs) held in the name of a woman.
- The returns are greater than those of bank FDs, and partial withdrawal reduces liquidity concerns.
Other details
- The scheme will be implemented across the country through banks and post offices.
- The tax structure is unknown, but the scheme is anticipated to be available on April 1, 2023.
How is it different from Sukanya Samriddhi Yojana?
- SSY is a small deposit scheme of the government of India intended solely for a girl child. The programme is intended to cover the costs of a girl child’s education and marriage.
- The current rate of interest provided by Sukanya Samriddhi Yojana is 7.6%, which is compounded annually.
- Account can be created in the name of a girl child till she attains the age of 10 years.
- The total sum 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.
Source: https://economictimes.indiatimes.com/wealth/invest/mahila-samman-savings-certificate-who-can-invest-interest-investment-limit-and-more/mahila-samman-savings-certificate/slideshow/97734037.cms