Last year i.e. in Budget-2023, the Central Government had announced a scheme related to women. The name of the scheme is- Mahila Samman Saving Certificate Scheme. Now the news is that the government is in no mood to continue this scheme after March-2025.
Actually, Mahila Samman Savings Certificate Scheme is a one-time scheme, and this scheme is available from April 2023 to March 2025. That means this scheme will be closed after March 2025. A senior government official associated with the scheme has given information about this.
The government brought this scheme in 2023
Let us tell you, the Central Government had announced this scheme in the budget of the year 2023. The objective of this scheme is to encourage Indian women towards saving. At present, 7.5 percent interest is being given annually in this scheme. This scheme is very popular among women.
Senior government official said that schemes like Mahila Samman Saving Certificate, Senior Citizen Saving Scheme and Sukanya Samriddhi Scheme have performed quite well so far. But the funds coming from these schemes may stop in future, due to which the government may be forced to keep the collection of National Small Savings Fund less in the financial year 2025.
According to the official, the government has set a target of less collection from the National Small Savings Fund (NSSF) in FY25. He said that there was a shortfall of Rs 20,000 crore in NSSF collection in the financial year 2023-24. Whereas investment in Senior Citizen Scheme was good. But now less investment is expected through these schemes in the current financial year.
This is the logic behind closing the scheme
The Union Budget 2024-25 presented in July pegged NSSF collections for this financial year at Rs 4.20 lakh crore, down from Rs 4.67 lakh crore in the interim version. Let us tell you, one important reason for less deposits from NSSF is that people are increasingly investing in equity markets and mutual funds. Where they are getting attractive returns.
The government meets its fiscal deficit through borrowings from the bond market, income from small savings, and cash balance amounts. In the budget, the government has reduced gross borrowing for this financial year by Rs 12,000 crore to Rs 14.01 lakh crore, and reduced the fiscal deficit target by 20 basis points to 4.9 percent.
This scheme was started to make women self-reliant. It not only gives a handsome interest of 7.5 percent on investment, but it is also exempted from TDS deduction. According to CBDT, in the case of senior citizens, TDS will be applicable on this scheme only when the interest income during a financial year is Rs 40 to 50 thousand.
Who can open an account?
Another special thing about this scheme is that accounts can be opened for girls of 10 years of age or less. Apart from this, any woman resident of India can invest in it. To avail the benefits of this scheme, you will have to invest in it through post office. If you invest a maximum of Rs 2 lakh in Mahila Samman Saving Certificate Scheme for 2 years, then the interest income in two years will be ₹ 32044.