This post office scheme is different for women!
The government is running many schemes to empower women financially. One of these is Mahila Samman Savings Certificate Scheme. The investment deadline in this scheme of the post office is till march 31, 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 started on april 1, 2023 for two years. For example, the investment made in this account from april 30, 2023 is available for partial withdrawal from May 1, 2024. With this, some money remains deposited with you as an investment and if needed, you can also complete your work by withdrawing some amount.
One time scheme applicable for two years
The Mahila Samman Savings Certificate is a one time scheme applicable for two years. The government has not extended the investment time limit in it so far. You can invest from a minimum of Rs 1,000 to a maximum of Rs 2 lakh. This scheme offers 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 received 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, so the interest rates being deposited in the bank account under this should be declared under 'income from other sources' in the income tax return. Under the Mahila Samman Savings Certificate Scheme, girls below 18 years of age can also open an account. It will be supervised by the guardian.
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