Mahila Samman Savings Certificate: The government is running many schemes to empower women financially. One of these is the Mahila Samman Savings Certificate Scheme. The deadline for investment in this scheme of the post office is till 31 March 2025. Now the post office has started the facility of partial withdrawal from this scheme.
You can withdraw this much money from the account
Under the Mahila Samman Savings Certificate Scheme, after one year of opening the account and before maturity, the account holder will be able to withdraw up to 40 percent of the amount deposited in it. This scheme was launched on 1 April 2023 for a period of two years. For example, an investment made in this account from 30 April 2023 is available for partial withdrawal from 1 May 2024. This way, you have some money deposited as an investment and if needed, you can withdraw some amount and complete your work.
Lump sum scheme applicable for two years
Mahila Samman Savings Certificate is a lump sum scheme which is applicable for two years. The government has not yet extended the investment time limit in it. You can invest in it from a minimum of Rs 1,000 to a maximum of Rs 2 lakh. This scheme gives a fixed interest rate of 7.5% per annum. This is different from many small savings schemes and bank FDs. In this, compound interest is given every quarter.
No tax exemption on interest
However, tax has to be paid on the interest amount. In this, one cannot avail tax exemption under section 80C, hence the interest rates accruing in the bank account under this should be declared under ‘Income from other sources’ in the income tax return. Girls below 18 years of age can also open an account under the Mahila Samman Savings Certificate Scheme. It will be monitored by the guardian.