Finance Minister Nirmala Sitharaman has announced Mahila Samman Bachat Patra for women while making a new beginning in Budget-2023. He told that women will be able to take advantage of this scheme for 2 years i.e. till March 2025. Actually, under this scheme, women can buy Mahila Samman Bachat Patra (MSSC) up to Rs 2 lakh.
Highest Interest Paying Government Savings Certificate
Investment in this scheme is considered to be the most profitable deal for women. However, it is not clear whether these savings certificates will be issued by the bank or will be received through the post office or any other means.
Only around 7 percent interest is available on fixed deposits in banks.
Recently, many big banks of the country have fixed interest on Fixed Deposit (FD). IndusInd Bank has been at the forefront in this matter.
In the case of 1 year FD, this bank is giving the highest interest rate of 7 percent. After this, SBI, Canara Bank and Bank of Baroda are giving 6.7 percent. Similarly, IndusInd is giving 7.5 percent interest rate in case of 2 years FD, which is more than all other banks. After this only ICICI and HDFC are giving 7 percent interest rate. Talking about FDs of three years and 5 years, IndusInd is giving 7.25 percent while ICICI and HDFC are giving 7 percent interest rate. It should also be mentioned here that the scope of IndusInd Bank is still limited.
6.8% interest on post office national savings certificate
National Savings Certificate (NSC) is bought from the post office which people see as a tax saving investment. Although, there is less one-time benefit and risk in this, but for just 2 years, women have the option of a better scheme than this, so why not invest in the same.
Interest is credited annually on NSC. Talking about the year 2021 till now, the interest rate on NSC has been 6.8 percent. This interest rate is fixed by the Finance Ministry every three months.
Kisan Vikas Patra has its limitations, long tenure, low interest
The government runs the Kisan Vikas Patra (KVP) scheme through the post office. Its duration is 124 months i.e. 10 years 4 months. If you have invested in this scheme from 1 April 2012 to 30 July 2022, then the lump sum amount deposited on your behalf doubles in 10 years and 4 months. However, now you will get 7.2 percent annual interest on Kisan Vikas Patra. Which was 0.3 percent less than before.
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