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Bank of India to roll out Mahila Samman Savings Certificate Scheme

Published on July 06, 2023
Current Context: The Mahila Samman Savings Certificate Scheme is a new small savings scheme for women and girls announced by the Union Finance Minister, Smt. Nirmala Sitharaman in her Budget Speech 2023-24.
Bank of India to roll out Mahila Samman Savings Certificate Scheme
  • The scheme was launched to commemorate the Azadi ka Amrit Mahotsav. It is a one-time scheme available for two years, from April 2023-March 2025.
  • It offers a maximum deposit facility of up to Rs.2 lakh in the name of women or girls for two years at a fixed interest rate of 7.5%.
  • The scheme is government-backed and has a partial withdrawal facility of up to 40% of the account balance after one year. The scheme also has some tax benefits as TDS is not deducted from the interest received under this scheme.
  • The scheme aims to empower women by increasing their participation in investments and promoting their financial inclusion.

Question:

Q.1 What is the interest rate offered by the Mahila Samman Savings Certificate Scheme?
a. 6.5%
b. 7.5%
c. 8.5%
d. 9.5%
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