On February 1, Union Finance Minister Nirmala Sitharaman presented the Budget 2023, which made significant adjustments to a number of savings plans that were already in place as well as changes to the income tax slabs under the new tax regime.
The finance minister also introduced the brand-new program for women called the Mahila Samman Saving Certificate. The brand-new savings plan will go live in April 2023.
Banks and post offices all over the country will carry out the Mahila Samman Saving Certifiacte Plan. The finance minister, Nirmala Sitharaman, has suggested that public sector banks promote the program through unique pushes and initiatives.
Mahila Samman Savings Certificate:
The Mahila Samman Saving Certificate, a once-in-a-lifetime new program for small savings, was introduced in the Budget 2023 of the Indian government. A two-year term covered by the Mahila Samman Savings Certificate will be available until March 2025. A deposit facility of up to Rs 2 lakh in the names of women or girls will be made available under this for a period of two years.
Interest Rate:
In women’s or girls’ names, Mahila Samman Saving Certificates would offer deposit options for up to Rs 2 lakh over a two-year period at a fixed interest rate of 7.5%, with the option of partial withdrawal.
“The returns are better than bank FDs and partial withdrawal makes liquidity less of a worry,” claims Adhil Shetty, CEO of Bankbazaar.com.
Eligibility:
A Mahila Samman Savings Certificate can only be opened in the name of a girl or woman.
How to apply:
- Go to the nearest post office or bank that offers the Mahila Samman Bachat Patra Yojana program to obtain the form.
- Complete the application form with information about yourself, your finances, and your nomination.
- Include the necessary documentation, such as proof of identity and address, with the form.
- Make the deposit in cash or by check after determining the amount.
- Receive the certificate as evidence of your investment in the Mahila Samman Savings Certificate program.
Calculation:
Think about investing Rs. 2,000,000 in the program for a very long time; The annual interest rate would be set at 7.5 percent. You will therefore receive Rs. Rs. 15,000 on the principal in the first year In the second, 16,125. Consequently, you will have received 2,31,125 after two years—that is, the initial investment plus 31,125 for interest.
