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Mahila Samman Savings Certificate launched by GoI

Published on February 02, 2023
Current context: The Indian government has introduced a new savings scheme, the Mahila Samman Savings Certificate, as part of the 2023 budget to empower women and girls. This certificate provides a security deposit of up to INR 2 lakhs for 2 years with an interest rate of 7.5%.
Mahila Samman Savings Certificate launched by GoI
  • The certificate is being offered to commemorate the Azadi Ka Amrit Mahotsav and is available until March 2025. Only women and girls are eligible to invest in this scheme, which can be obtained from a post office or bank.
  • This certificate offers fixed returns at 7.5%, making it a more attractive option than regular fixed deposits. Additionally, the savings certificate is backed by the government, offering a secure investment.
  • It also offers tax benefits under section 80C of the Income-tax Act, 1961.
  • Partial withdrawal options are available, making the scheme more flexible. Compared to other savings schemes, the Mahila Samman Savings Certificate offers a higher interest rate of 7.5%, has a shorter tenure of 2 years, and is exclusively for women and girls.
  • However, it is important to compare interest rates from different schemes before making an investment decision, as these rates are subject to change every quarter.

Question: 

Q.1 Which of the following is true about the Mahila Samman Savings Certificate scheme introduced by the Indian government in 2023?
a. The scheme offers a deposit security of up to INR 2 lakhs for a tenure of 5 years.
b. The scheme offers a flexible investment option with no partial withdrawal options.
c. The scheme is open to all residents, not just women and girls.
d. The scheme offers a deposit security of up to INR 2 lakhs for a tenure of 2 years.
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