If you are also looking for investment options, then this news is useful for you. The ‘Women’s Honor Savings Certificate’ scheme has been introduced for women in the budget. At the same time, banks are also offering good interest on FDs at this time. In such a situation, we are telling you in detail about both these options…
New Delhi. If you are also looking for investment options, then this news is useful for you. In fact, Finance Minister Nirmala Sitharaman has introduced the ‘Women’s Honor Savings Certificate’ scheme for women in the budget. Deposit facilities will be provided to women and girls through the ‘Mahila Samman Savings Certificate’ small savings scheme. Women in rural areas will be financially strengthened through Mahila Samman savings certificate. At the same time, banks are also offering good interest on FDs at this time. In such a situation, we are telling you in detail about both these options…
Union Finance Minister Nirmala Sitharaman announced ‘Mahila Samman Savings Certificate’ for women in Budget 2023 on 1 February. Under the Mahila Samman Bachat Patra, women and girls have the facility of depositing lump sum in small savings scheme. The duration of this scheme has been kept for 2 years.
What is the total amount that can be deposited – This deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh.
What is the interest rate- A fixed interest rate of 7.5 percent has been offered in the investment plan. Which is higher than most bank fixed deposits and other popular investment schemes like Post Office Monthly Income Scheme (POMIS), Senior Citizen Savings Scheme (SCSS), PPF, National Savings Certificate (NSC), and Sukanya Samriddhi Yojana.
Maturity date- The lump sum deposit facility under Mahila Samman Savings Patra will be for a period of two years between 2023 to 2025.
Tax Benefit- Small Savings Schemes are investment vehicles for those who are eligible for Public Provident Fund (PPF), Senior Citizen Small Savings Scheme (SCSS), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana (SSY) Scheme Section 80C Important Receive tax benefits under. However, the taxation structure of the scheme is not yet known.
What is the withdrawal limit- The Government of India has allowed the facility of partial withdrawal in Mahila Samman Savings Certificate Scheme.
How and where to open account- The details of the scheme have not yet been shared by the government. However, analysts are of the opinion that this scheme can be opened in any state-owned banks from April 1, 2023.
MSSC vs bank FDs – Where will you get the benefit
Country’s top lender State Bank of India (SBI) offers 6.75% interest. Whereas HDFC Bank, ICICI Bank and Kotak Mahindra Bank offer an interest rate of 7% on deposits maturing within two years. Currently State Bank of India (SBI), Axis Bank, HDFC, ICICI and Kotak Bank are offering interest rates between 3% – 6.35% depending on the tenure.
The duration of Mahila Samman Savings Certificate is 2 years. Under which a fixed interest rate of 7.5 percent has been offered. For a tenure of 2 years, the interest rate for SBI FD is 6.75%, Axis Bank FD 7.26%, HDFC Bank FD 7%, ICICI Bank FD 7% and Kotak Bank FD 6.75%. Thus, Mahila Samman Savings Certificate offers 0.50-1% more interest than top bank FDs.
However, IDFC First Bank and IndusInd Bank offer an interest rate of 7.5% for 2-year FDs, which is similar to the Mahila Samman Savings Certificate.
