A special plan just for women! Nirmala Sitharaman, the finance minister, introduced the fiscal year 2023–2024 budget and mentioned the Mahila Samman Savings Certificate. For women, this is a fantastic small-savings plan.
This short-term lump sum investment plan has been in place for the past two years. This is a fantastic strategy for women because it offers significant returns and the advantage of compounding. After two years, a woman investor who invests Rs 2 lakh will receive Rs 32 thousand 44 in interest.
A minimum of Rs 100 can be deposited.
You must deposit at least 1000 rupees in this plan. After then, multiples of Rs 100 can be invested, up to a maximum of Rs 2 lakh. This program began on April 1, 2023. This plan is currently available for investment through March 31, 2025. A woman's name may appear on multiple accounts. It is required to wait at least three months between opening two accounts.
Getting interest of 7.5 percent.
Regarding the interest rate, this strategy pays out 7.5 percent interest. After two years, interest is paid; however, it is calculated using quarterly compounding. When calculating taxes, the interest payment is added to your gross income, and the appropriate tax rate is applied. Regarding TDS, interest income from the post office up to $40,000 is exempt from its application.
Private banks also got permission.
The government recently revised the rule in light of the growing popularity of this plan. Mahila Samman Saving Certificate accounts can now be opened at ICICI Bank, Axis Bank, HDFC Bank, IDBI Bank, and public sector banks.