Mahila Samman Saving Certificate made Available in 1.59 Lakh Post Offices
Posted On: 01 APR 2023 8:30 AM by PIB Delhi
In a late night development, Ministry of Finance issued the Gazette Notifications for Mahila Samman Savings Certificates, 2023 and has been made available in 1.59 lakh post offices with immediate effect. The scheme was announced in the 2023-24 Budget by the Union Finance Minister to commemorate ‘Azadi Ka Amrit Mahotsav’ and is a significant step towards financial inclusion and empowerment of the women, including the girls.
The two year tenure scheme offers an attractive and fixed interest of 7.5 per cent interest compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of Rs. two lakh. The scheme is valid for a two-year period upto 31st March 2025.
National Savings (Monthly Income Account) Scheme, 2019 has been amended through National Savings (Monthly Income Account) (Amendment) Scheme, 2023 and the maximum investment limit has been raised from Rs. four lakh fifty thousand to Rs. nine lakh for a single account and from Rs. nine lakh to Rs. 15 lakh for a joint account with effect from 1st April 2023. Likewise, Senior Citizen Savings Scheme, 2019 has been amended through Senior Citizens Savings (Amendment) Scheme, 2023 and the maximum investment limit has been raised from Rs. 15 lakh to Rs. 30 lakh with effect from today.
Interest rates on all the small savings schemes, except Savings Deposit and PPF, have also been upwardly revised with effect from 1st April 2023. These measures will immensely benefit the post office small savings customers and attract more investment in these schemes through post offices, especially in rural areas and amongst girls, women, farmers, artisans, senior citizens, factory workers, government employees, small traders and other sections of the society. They will get better return on their investment in small savings schemes. For further details, please visit www.indiapost.gov.in.
Revision of maximum limit for investment in Senior Citizen Savings Scheme, 2019: DoP Order dated 31-03-2023
SB Order No. 06/2023
F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi -110001
All Head of Circles/Regions
Subject: Revision of maximum limit for investment in Senior Citizen Savings Scheme, 2019.
The undersigned is directed to convey the decision of Ministry of Finance (DEA) for amendment of Senior Citizen Savings Scheme, 2019 through Senior Citizen Savings (Amendment) Scheme, 2023 and revision of maximum investment limit for investment in Senior Citizen Savings Scheme, 2019 from fifteen lakh to Rs. thirty lakh. The copy of gazette notification G.S.R.240(E) dated 31.03.2023 issued by MOF(DEA) is enclosed.
2. Accordingly, In the Senior Citizens’ Savings Scheme (hereinafter referred to as the said Scheme), in paragraph 3, in subparagraph (7), for the words “fifteen lakhs”, the words “thirty lakh” shall be substituted.
3. It is requested to circulate it to all concerned for information, guidance and necessary action. Same may also be placed on the notice board of all Post Offices in public area.
4. This is issued with the approval of the Competent Authority.
Assistant Director (SB-II)
New Delhi, the 31st March, 2023
G.S.R.240(E).—In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme further to amend the Senior Citizens’ Savings Scheme, 2019, namely:-
1. (1) This Scheme may be called the Senior Citizens’ Savings (Amendment) Scheme, 2023.
(2) It shall come into force on the date of its publication in the Official Gazette.
2. In the Senior Citizens’ Savings Scheme (hereinafter referred to as the said Scheme), in paragraph 3, in subparagraph (7), for the words “fifteen lakhs”, the words “thirty lakh” shall be substituted.
3. In the said Scheme, in paragraph 4, in sub-paragraph (1), for the words “fifteen lakh” at both the places where they occur, the words “thirty lakh” shall be substituted.
[F. No. 1/3/2023-NS] ASHISH VACHHANI, Addl. Secy.