On April 1st, the Mahila Samman Bachat Patra Yojana was launched. Finance Minister Nirmala Sitharaman announced this deposit scheme during the budget, which is designed specifically for women and offers higher interest rates. The small-savings scheme is designed specifically for women investors, with the primary objective of promoting their financial inclusion and increasing their participation in investments. Let's take a closer look at this scheme.
Mahila Samman Savings Certificate 2023
The Mahila Samman Bachat Patra Yojana aims to encourage women to save, with an interest rate of 7.5 percent. The scheme provides the added advantage of compound interest, which is calculated quarterly. As a result, women can earn significant profits on their deposited amount through this scheme.
Age Limit For opening an account?
Any woman can open her account under Mahila Samman Savings Yojana. For girls below 18 years of age, their parents can open this account. That means women of all ages can take advantage of this scheme.
To initiate an MSSC account, one must visit the nearest post office branch and complete Account Opening Form-1. In addition, copies of KYC documents such as an Aadhaar card, PAN card, and other essential documents must be submitted.
The current validity of this post office scheme is two years, with the investment period ending on March 31st, 2025. Women can invest anywhere from INR 1,000 to INR 2 lakhs in this scheme.
All post office schemes provide tax benefits, but this scheme does not mention any provision of tax benefits.
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