Mahila Samman Certificate: Presenting the budget for the financial year 2023-24, Finance Minister Nirmala Sitharaman announced the launch of a special deposit scheme for women, Mahila Samman Saving Certificate Scheme. The scheme has been launched on April 1, 2023. So far more than 10 lakh women have invested in this scheme launched for women in the last three months.
So far, 1.026 million women investors have invested a total amount of more than Rs 6,000 crore in the Mahila Samman Saving Certificate Scheme. The investment in the scheme is expected to increase in the coming days as the government has asked all public sector banks and select private banks to rollout the scheme in their branches. Till now investment in the scheme was being done only through the post office. According to the notification of the Ministry of Finance, all public sector banks including ICICI Bank, HDFC Bank and IDBI Bank have been asked to operate this scheme.
According to the plan, 7.5 percent interest will be given annually on investment in this two-year deposit scheme for women. Only women can open accounts under Mahila Samman Saving Certificate Scheme. Or guardians can open accounts in the name of a minor girl. An account can be opened in the name of a woman or a minor girl in this scheme till March 31, 2025.
Deposits ranging from Rs 1,000 to Rs 2 lakh can be made in the account of Mahila Samman Saving Certificate Scheme. 7.5 percent interest will be given annually to the investors and the interest amount will be transferred to the account after every quarter. After the maturity of the scheme, the account holders can withdraw money by filling Form-2. Even after the completion of one year of the scheme’s tenure, the account holder has the option of withdrawing 40 per cent of the amount.
According to the notification of CBDT, if the interest received on investment in Mahila Samman Savings Certificate does not exceed Rs 40,000 per annum, then TDS will not have to be paid on it. Rather, the income from interest on investing in this scheme will be added to the income of the account holder and tax will have to be paid according to the tax slab. CBDT has issued a notification in this regard.
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