New Savings Scheme: Mahila Samman Saving Certificate launch, will get more interest than FD, NSC, PPF...

New Small Savings Scheme: In Budget 2023, Finance Minister Nirmala Sitharaman has announced to launch of a new small savings scheme. This scheme is in the name of a woman, whose name is Mahila Samman Saving Scheme. The maturity of this scheme will be of 2 years, in which a maximum investment of Rs 2 lakh can be made. The interest rate in this is 7.5 percent per annum. That is, it is more than the interest received on schemes like FD, PPF, NSC, and RD.

SCSS: Limit Rs 30 lakh
Under the Senior Citizens Savings Scheme (SCSS), senior citizens can currently deposit a maximum of Rs 15 lakh. This limit will be increased to Rs 30 lakh. Any person whose age is 60 years or more can open an account in the Post Office Senior Citizen Savings Scheme. For those who have taken VRS from government posts in the civil sector and retired from the defense sector, then there is a relaxation in the age limit.

Features of the Senior Citizens Savings Scheme
In the Senior Citizens Savings Scheme, the interest rate for January to March 2023 is 8 percent per annum. That means it will take 9 years for the money to double.
Its maturity is 5 years. In this, the maximum deposit can be made 30 lakhs, while the minimum deposit is 1000 rupees. Rebate under 80C on 1.50 annual investment. However, TDS will be deducted if the interest earned in a financial year exceeds Rs 50,000.

Pre-maturity terms
There are certain conditions for premature withdrawal of investment in the Senior Citizen Savings Scheme. You can close the account anytime after opening it. If you close this account in less than one year, you will not get any interest on the investment amount. If you close the account between 1 to 2 years, then 1.5% will be deducted from the interest amount. If you close the investment between 2 to 5 years, then 1 percent will be deducted from your interest amount.