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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.


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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