🚂 Current Fix Deposit Rates 🌞 SBI - General Citizen 3% to 7.10% Senior Citizen - 3.60% to 7.60% 🌞 HDFC - General - 3.00% to 7.40% Senior Citizen - 3.50% to 7.90% 🌞 ICICI - General - 3% to 7.10% Senior Citizen - 3.50% to 7.60% 🌞 PNB - General - 3.50% to 7.25% Senior Citizen - 4% to 7.75% 🌞 Kotak Mahindra - General - 2.75% to 7.20% Senior Citizen - 3.25% to 7.70% 🌞 Axis - General - 3.50% to 7.10% Senior Citizen - 3.50% to 7.85% 🌞 Bank of Baroda - General - 3% to 7.25% Senior Citizen - 3.50% to 7.55% 🚂 Current Recurring Deposit Rates 🌞 SBI - General 4.40% to 5.50% Senior Citizen 4.90% to 6.20% 🌞 ICICI - General 3.50% to 5.50% Senior Citizen 4% to 6.30% 🌞 HDFC - General 4.40% to 5.50% Senior Citizen 4.90% to 6.25% 🌞 KOTAK - General 4.30% to 5.20% Senior Citizen 4.80% to 5.70% 🌞 AXIS - General 4.40% to 5.75% Senior Citizen 4.65% to 6.50% 🌞 IDBI - General 7% to 7.15% Senior Citizen 7.50% to 7.65% ☁️ National Pension Scheme - 9% to 12% pa ☁️ Employees Provident Fund - 8.15% pa ☁️ Public Provident Fund - 7.1% pa Mahila Samman Savings Certificate

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Mahila Samman Savings Certificate

 

What is Mahila Samman Savings Certificate ?

The "Mahila Samman Savings Certificate" scheme announced by Smt. Nirmala Sitharaman, The Union Finance Minister of India.  The scheme is available from 1st of April 2023 for all women across the India.  Mahila Samman Savings Certificate is a financial vehicle aimed at promoting women’s financial inclusion and empowerment.  The scheme is backed by government, it is safe for investment.  The Mahila Samman Savings Certificate offer special benefits or incentives to encourage women to invest.  Investors can visit to post office or any authorized banks to avail the scheme.

Some are the key feature of the Mahila Samman Savings Certificate:

Interest Rates: Mahila Samman Savings Certificate offer higher interest rates as compared to regular savings account.  The interest rates is fixed 7.5% per annum, comparatively small savings scheme and banks FD’s, it’s a very good interest rates offer by the Mahila Samman Savings Certificate.

Tax Benefits:  Mahila Samman Savings Certificate offer tax benefits on the interest earned.  In some cases TDS will apply only after interest earned Rs. 40,000 or more than that but since the investors can invest maximum Rs. 2,00,000, it will not exceed, in short TDS is not applicable for investors.

Partial Withdrawal:  Mahila Samman Savings Certificate offer partial withdrawal, the investor can withdraw 40% of the balance or deposited amount after one year from the policy issued.  In case of death of account holder the interest earned on investment along with premium paid by the account holder will be given.

Flexible Terms: The schemes may offer flexible terms and conditions, such as lower minimum deposit requirements or longer maturity periods, to accommodate the financial needs and preferences of women.

Security: Since the Mahila Samman Savings Certificate backed by the government, it is safe and secure. 

Empowerment Initiatives: The scheme aimed is to educate or financial literate women about savings.

How to apply:  For to apply individual can visit nearby post office or the authorized banks such as Bank of India, Bank of Baroda, Central Bank of India, Union Bank of India etc.,

Conclusion:

In short; The Mahila Samman Savings Certificate is very good initiatives by the Government.  It's essential for individuals interested in such schemes to research and verify the specific details, eligibility criteria, and benefits offered by the Mahila Samman Savings Certificate or similar schemes available in their region. They can do this by contacting relevant financial institutions, government agencies, or visiting their official websites for accurate and up-to-date information.

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