Mahila Samman Savings Certificate for female investors is a one-time, short-term savings plan that will be available for two years.
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New Delhi: In the Union Budget 2023, which was presented by Finance Minister Nirmala Sitharaman on 1 February 2023, a slew of announcements and changes were made including changes to two of the most popular post office schemes. A new scheme for female investors was also announced in the Union Budget 2023.
Following are the two schemes in which changes have been announced
Senior Citizen Savings Scheme (SCSS): In Budget 2023, the investment cap for SCSS has been raised from Rs 15 lakh to Rs 30 lakh. The government-backed scheme was established in 2004 with the goal of giving senior citizens a reliable and secure source of income for their post-retirement period. In the January-March quarter, SCSS interest rate is 8 per cent. This fixed interest rate for 5 years with a minimum deposit of Rs 1000 and its multiples However, the interest received from Senior Citizen Savings Scheme is not tax-free.
Post Office Monthly Income Scheme (POMIS): As per an announcement made in Union Budget 2023, the single account holder limit for the Post Office Monthly Income Scheme (POMIS) has been increased from Rs 4 lakh to Rs 9 lakh. In case of joint account holding, the limit has increased limit from Rs 9 lakh to Rs 15 lakh.
The POMIS investors will get interest payments every month at a rate that the government will regularly update. As of now the interest rate is 7.1 per cent for the period between January and March 2023. An MIS account is valid for five years. If it is closed after 3 years but before 5 years from the date of opening, 1 per cent of the principal will be levied.
Mahila Samman Savings Certificate
Finance Minister Nirmala Sitharaman announced Mahila Samman Savings Certificate for female investors in Union Budget 2023. This is a one-time, short-term savings plan that will be available for two years. But, the department has not yet made an official declaration or provided any details.
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According to Sitharaman, “For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. This will offer deposit facility up to Rs.2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.”
