Four banks offering this post office small saving scheme earning 7.5% interest rate
livemint.com₹200,000 – either at one time or in phases with a minimum deposit of ₹1,000, in multiples of ₹100. Individuals can open multiple accounts but a minimum time gap of three months is to be maintained between the existing account and the opening of another account. Partial withdrawal can be initiated by the account holder or the Legal Guardian (in case of a minor) up to 40% of the eligible balance after completion of one year from the date of opening of the account. The interest is compounded quarterly and credited to the Mahila Samman Savings Certificate account.
All earnings under the Mahila Samman Savings Certificate will be taxable as per existing income tax provisions. However, TDS (Tax Deducted at Source) will not be deducted under the scheme.
Read more on livemint.com
