In the new financial year, 2023-24, the Government of India made a big announcement for women. In fact, the government released an investment scheme for women, which has already started from April 1st.
As we all know that the financial year is very important for all the work related to tax-saving, investments, ITR filing and money. The central government’s budget makes announcements in February, and the planning comes into effect from April 1. This year, the government announced a new scheme for women, Mahila Samman Savings Certificate. It comes under small savings schemes. Through the Mahila Samman Savings Certificate, the government is encouraging women to save money, while at the same time, earn from it.
Eligibility
For availing this scheme, you, as a woman, should open an account in any Nationalised bank or post office. You should be minimum 18 years of age and an Indian citizen. The account has to be operated by a woman single handedly. As a parent also, you can open this account for a minor child. For this, you will have to fill Form 1.
Minimum Balance
As far as minimum starting balance is concerned, you can open this account with a minimum deposit amount of Rs 1,000, and you can increase this amount in multiples of Rs 100. A maximum of Rs 2 lakh can be deposited in this account.
Earn from interest
As per this plan, the government of India is providing all the women (investors) a chance to earn on the basis of fantastic interest. For this, the government has announced an annual interest rate of 7.5 percent. This interest will be compounded on a quarterly basis, which further would be credited to the account of the woman.
The main important factor about this scheme is that it gets matured in two years only. In other words, it can be said that it is a short-term scheme, in which you are given much higher interest than any Fixed Deposit.
In case of any necessity, you can also make a withdrawal from this account in some special cases. However, after 1 year of opening the account, you can withdraw a maximum of 40 percent of the money from it.
This scheme is a boon for women, particularly for those, who are from low – income families. Through this plan, women can take advantage of the high interest rate by investing small amount of money in this scheme.
