Mahila Samman Savings Certificate scheme comes into effect from today

The Mahila Samman Savings Certificate 2023 scheme, which was introduced by the federal government within the Union Budget, has come into effect from Friday.

It was notified with the publication of the gazette notification on Friday. The Mahila Samman Savings Certificate is a one-time small financial savings scheme that might be provided for 2 years.

While saying the scheme within the Union Budget, Finance Minister Nirmala Sitharaman had mentioned that it is going to be made out there for a two-year interval as much as March 2025.

The scheme will provide deposit facility of as much as Rs 2 lakh within the title of ladies or women for a tenure of two years at a set rate of interest of seven.5 per cent with partial withdrawal possibility.

Under the scheme, a minimal quantity of Rs 1,000 and a most quantity of as much as Rs 2 lakh will be deposited.

An account opened beneath this scheme could be a single holder account. The curiosity of seven.5 per cent every year could be compounded on a quarterly foundation and credited to the account. The deposit will mature on completion of two years from the date of the deposit.

The account holder could be eligible to withdraw a most of as much as 40 per cent of the eligible stability as soon as, after the expiry of 1 yr from the date of opening of the account however earlier than the maturity of the identical.

(With inputs from IANS)