Mahila Samman Savings Certificate Scheme has been launched to encourage women to save. A lump sum investment of up to Rs 2 lakh can be made in this scheme.
post office
What is the government’s thinking about savings? Is the government promoting savings or not? After the budget presented by Nirmala Sitharaman on February 1, confusion has arisen regarding this. The government has increased the post office monthly savings scheme limit to Rs 9 lakh. Till now this limit was 4.5 lakhs. This limit has been increased from Rs 9 lakh to Rs 15 lakh for joint accounts. The scheme is currently giving 7.1% returns. A normal investor can invest in this scheme.
In the budget, the government has increased the limit of Senior Citizen Savings Scheme to Rs 30 lakh. At present this limit is Rs 15 lakh. With this scheme, senior citizens will get assured and higher income. The tenure of this scheme is 5 years, investors have to invest lump sum and interest is paid every three months. The principal amount is returned after maturity. At present, the government is giving 8 percent interest on this scheme. It has the highest interest rate when it comes to other savings schemes.
What’s in it for the ladies?
Mahila Samman Savings Certificate Scheme has been launched to encourage women to save. A lump sum investment of up to Rs 2 lakh can be made in this scheme. Therefore, the tenure of this investment has been fixed at 2 years and the investors will get back the invested money in March 2025. This investment will earn 7.5% interest and early withdrawal facility is provided.
what changed in 80c
No change was made in the limit of Section 80C in the budget. In the 2014-15 budget, the 80C limit was increased from Rs 1 lakh to Rs 1.5 lakh. No changes have been made since then. The government is promoting the new tax system. There is no tax saving option under section 80C in the new tax regime. Because of this there is a fear that people will not be able to save.
According to the RBI report, India’s total savings in the financial year 2020-21 was Rs 24 lakh crore, which increased to Rs 25.6 lakh crore in the financial year 2021-22. Gross domestic savings stood at 36% of GDP in 2007-08. In 2021-22, this figure has come down to 28 percent.
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