Small Saving Scheme: Finance Minister Nirmala Sitharaman had given information about starting this small savings scheme while presenting the budget in February. After that it started from April…
Finance Minister Nirmala Sitharaman had launched a special savings scheme in the budget for the financial year 2023-24. Its name is “Women’s Honor Savings Certificate” scheme. In a very short time, many women have joined this scheme. This scheme is becoming very popular and is beating FDs. Its popularity can be gauged from the fact that 5 lakh accounts have been opened in just 2 months.
Now available only in post office
Mahila Samman Savings Certificate is a government small savings scheme, which is exclusively for women. The main reason for bringing this is to increase the participation of women in investment and financial system. Under the scheme, the account can be opened from 1 April 2023 to 31 March 2025. This scheme is only for two years. At present, this scheme is present in 1.59 lakh post offices.
This is how you can open an account in this
To open an account in Mahila Samman Savings Certificate Scheme, you have to fill Form-1. A minimum of Rs 1000 and a maximum of Rs 2 lakh can be deposited in this, be it through one account or with the help of more than one account. In the name of minor girls, their Guardian i.e. parents can open account. In this the maturity period is of 2 years. For example, if you invest on July 1, 2023, then after two years i.e. on July 1, 2025, you will get the money back with interest.
Banks are also going to start soon
The popularity of Mahila Samman Savings Certificate Scheme can be gauged from the speed of account opening. According to a report, from April 1, 2023 till the end of May i.e. in two months, 5 lakh women have invested in it. This has brought Rs 3,666 crore to the government exchequer. This means that on an average more than 73 thousand rupees have been deposited in one account. By the end of June, this scheme is also expected to start in banks, due to which the collection is expected to increase rapidly.
Return on Investment in Mahila Samman Scheme
There is a fixed return of 7.5% per annum on investing in this scheme. The adjustment of interest is done on a quarterly basis. Form-2 will have to be filled to withdraw the amount on maturity. The facility to withdraw money is available in this scheme even before the maturity period i.e. 2 years. Partial withdrawal facility is available after one year of account opening. However, only 40 percent of the total amount deposited in the account can be withdrawn.
Can withdraw money even earlier
The maturity period of the scheme is 2 years, but in some cases the account can be closed prematurely. For example, who has an account i.e. on the death of the account holder. Even if the account holder is diagnosed with a life-threatening disease, the account can be closed. Necessary documents will have to be given for this. After 6 months of account opening, it can be closed even without any reason, but in this case the interest rate will be reduced by 2 percent to 5.5 percent.
No exemption from income tax
Generally, most of the small savings schemes come with tax benefits. No such relief has been given in the Mahila Samman Savings Certificate. However, there is exemption from TDS deduction. The interest earned will be added to your total income and will be taxed according to the tax slab you fall in.
