Who can invest in it?
The newly introduced Mahila Samman Savings Certificate can be taken in the name of women or girls only. No other people can take it. As part of Azadika Amrit Mahotsav, this scheme was brought exclusively for women and girls only. It is only single premium scheme. That means you have to invest at once.
What is the maximum deposit limit and tenure?
A maximum of Rs.2 lakh can be deposited in the Mahila Samman Savings Certificate Scheme. No announcement was made as to what the minimum amount would be. The scheme has a tenure of two years. For two years i.e. from April 2023 to March 2025 you can invest in this scheme.
What will be the interest rate?
The government has announced a fixed interest rate of 7.50 percent on the Mahila Samman Savings Certificate Scheme. At present, the Sukanya Samriddhi Yojana for girls in small savings schemes has an interest rate of 7.60 percent and the Senior Citizen Savings Scheme has an interest rate of 8 percent. It is noteworthy that after those two schemes, this is the scheme with the highest interest.
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Can I withdraw early?
The government has allowed early partial withdrawals from the Mahila Samman Savings Certificate Scheme. However, no guidelines have been disclosed.
Are there tax benefits?
Small savings schemes like Sukanna Samriddhi Yojana, which are generally introduced for girls, are exempted under Section 80C. But, the details about the tax exemption of this Mahila Samman Savings Scheme are not disclosed anywhere.
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