Which of the following statements about the Mahila Samman Certificate is incorrect as of 31 March 2024?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. The true tenure of the scheme is 5 years.
The statement "The true tenure of the scheme is 5 years" about the Mahila Samman Certificate is incorrect as of 31 March 2024. The Mahila Samman Certificate scheme was introduced by the Government of India as part of efforts to empower women, providing financial security through fixed deposit certificates. However, the tenure of the Mahila Samman Certificate is only 2 years, not 5 years.
The scheme offers a fixed interest rate for women and is aimed at ensuring long-term financial stability for female investors. It is a short-term savings scheme with an interest rate that is attractive compared to other savings options. The scheme was initially launched for a short tenure to provide flexibility for women to make financial decisions in a shorter span of time.
Thus, the statement regarding the 5-year tenure is incorrect, and the correct tenure is 2 years.