Many schemes are being run by the central government for the welfare of women and to make them financially strong. This scheme has currently been started from 1 April 2023 to 31 March 2025.
Post Office : Many schemes are being run by the Central Government for the welfare of women and to make them financially strong. Presenting the budget in the financial year 2023-24, Finance Minister Nirmala Sitharaman had announced Mahila Samman Savings Certificate . This is a small savings scheme started by the central government for women, in which lump sum investment can be made for short term.
The investment period in this scheme has been kept for two years. Investment can be made in Mahila Samman Savings Letter from one thousand rupees. After this, the investment can be increased in multiples of 100 rupees. In this, a maximum of two lakh rupees can be invested by a woman.
Women can open multiple accounts
Mahila Samman Savings Letter can be opened in any post office. At present, this scheme has been started by the Central Government from 1 April 2023 to 31 March 2025. In this, any woman can open more than one account.
However, there should be at least three months gap between opening two accounts. Women investing in this scheme are getting excellent returns on investment. This scheme is a safe scheme by the Central Government. So there is no risk of loss in it. The process of opening the post office is also very simple.
What is the math of returns in Mahila Samman Savings Certificate?
A maximum of two lakh rupees can be invested in an account of Mahila Samman Savings Letter. At present, 7.5 percent interest is being received on investment in this. Interest is paid after 2 years, but is calculated quarterly compounding. However, the interest earned from this investment gets added to your total annual income.
In this case, the bracket of your tracks increases. On the other hand, talking about TDS, the total interest amount on the investment made in the post office is tax free up to Rs 40,000. After this standard rate is applicable.
Central government made changes in the scheme
The popularity of this scheme has increased among women. In such a situation, some changes have been made by the Central Government in the scheme for the convenience of women. Under this, apart from public sector banks, Mahila Samman Saving Certificate account can also be opened in ICICI Bank, Axis Bank, HDFC Bank and IDBI Bank .
Let us inform that at present the benefit of this scheme is being given to women by the Central Government only till March 31, 2025. However, experts say that this scheme has become very popular. In such a situation, the government can also consider taking it forward after 2025.
How to open Mahila Samman Savings Account?
Mahila Samman Savings Letter is a special savings letter that can be opened in any public sector bank other than the Indian Post Office. It is specially designed for women. Savings certificate is money deposited for a fixed period and is available with annual interest. To open Mahila Samman Savings Letter account, first of all select your nearest post office or bank which provides facility to open Mahila Samman Savings Letter. Let’s say you selected the post office.
Then from there take the application form to open Mahila Samman Savings Letter and fill it. Fill in the details of your personal details, address, identity proof, etc. in the form. Provide a copy of the required documentation (such as Aadhaar card, passport photo, address proof, etc.) along with the form.
You have to select the amount to deposit as per eligibility. The determination of minimum deposit amount in Mahila Samman Savings Letter depends on the method. Make the required payment for the deposit. In most of the cases, you will get the Mahila Samman Savings Letter and you will be provided with its rewarding interest.
