Post office started new scheme: Big news! Interest will be available at the rate of 7.5%, know whether tax will be paid on this or exemption will be available?

You get good returns in Post Office’s Mahila Samman Savings Certificate Scheme. It was announced in this year’s budget. A maximum of Rs 2 lakh can be invested in the scheme.

New Delhi. The post office runs various schemes for its customers. One of these schemes is Mahila Samman Savings Certificate which is operated by the post office. While presenting the General Budget 2023, Union Finance Minister Nirmala Sitharaman had announced to start this scheme keeping women in mind.

Let us tell you that in most of the post office schemes, the depositors get the benefit of tax deduction under section 80C of the Income Tax Act. In such a situation, many people want to know whether tax benefits can be availed even after taking Mahila Samman Savings Certificate (MSSC) or not? Today we will talk in detail about all the rules related to this scheme here.

Know what is Mahila Samman Savings Certificate Scheme

Mahila Samman Savings Certificate Scheme was announced in the budget of the year 2023-24. Explain that the Mahila Samman Savings Certificate Scheme offers flexible investment for two years and partial withdrawal with a maximum investment limit of Rs 2 lakh and interest on compounding basis every three months. At the same time, this scheme is valid only for two years i.e. 31 March 2025. In this post office scheme, interest rate is available at 7.5 percent.

How can apply?

You can apply for Mahila Samman Savings Certificate Scheme by going to any post office. The Finance Ministry has also issued a notification for this scheme. Please tell that you can open an account for this scheme by going to any of your nearest post office. This scheme is available in 1.59 lakh post offices across the country.

Will I get tax benefit?

According to a notification issued by the Ministry of Finance on April 5, 2023, investment under this scheme is not eligible for exemption under Section 80C of the Income Tax Act. This means that you will have to pay tax on the interest earned on it. If you have invested only in this scheme then there is no possibility that your TDS will be deducted.