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Mahila Samman Savings Certificates made available in Post Offices

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Ministry of Finance issued the Gazette Notifications on 1 April for Mahila Samman Savings Certificates, 2023 and has been made available in 1.59 lakh post offices with immediate effect. The scheme was announced in the 2023-24 Budget by the Union Finance Minister to commemorate ‘Azadi Ka Amrit Mahotsav’ and is a significant step towards financial inclusion and empowerment of the women, including the girls.

The two year tenure scheme offers an attractive and fixed interest of 7.5 per cent interest compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of Rs. two lakh. The scheme is valid for a two-year period upto 31st March 2025.

National Savings (Monthly Income Account) Scheme, 2019 has been amended through National Savings (Monthly Income Account) (Amendment) Scheme, 2023 and the maximum investment limit has been raised from Rs. four lakh fifty thousand to Rs. nine lakh for a single account and from Rs. nine lakh to Rs. 15 lakh for a joint account with effect from 1st April 2023. Likewise, Senior Citizen Savings Scheme, 2019 has been amended through Senior Citizens Savings (Amendment) Scheme, 2023 and the maximum investment limit has been raised from Rs. 15 lakh to Rs. 30 lakh with effect from today.