Mahila Samman Saving Certificate Scheme Details | महिला सम्मान बचत पत्र
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Mahila Samman Bachat Pramanpatra Scheme Details
The Mahila Samman Saving Certificate, is the scheme introduced by government of India specially for Indian Women community on 1-April-2023 though the Post Offices with an interest rate of 7.5% p.a.
The Union Finance Minister, Smt. Nirmala Sitharaman has announced Mahila Samman Saving Certificate Scheme, a new small savings scheme for women and girls, in her Budgetary Speech of financial year 2023-24. The Mahila Samman Savings Certificate scheme was announced to commemorate the 75 years of independence i.e. Azadi ka Amrit Mahotsav.
The Mahila Samman Savings Certificate is a one-time ( Single Premium )Investment scheme available for two years, from April 2023-March 2025. It will offer a maximum deposit ammount facility of up to Rs . 2 lakh in the name of women or girls for two years at a fixed interest rate which is calculated by compund interest formula.
Mains Features of Mahila Samman Savings Certificate Scheme | महिला सम्मान बचत पत्र
Below are the main features of the Mahila Samman Savings Certificate scheme which is launched in 2023 by indian government:
Government-Backed Scheme
Mahila Samman Savings Certificate scheme is a small savings scheme specially desighned form womens in india backed by the government. Hence, it does not have any credit risk hence your whole money is in safe hand and government will pay the definite interest which is declared by government of india.
Interest calculated is Componding ( COMPOUND INTEREST )
The interest given In The MAHILA SAMMAN SAVING SCHEME ( MAHILA SAMMAN BACHAT PATRA )is Calculated compondically so the interest you will get in this scheme at 7.5 % interst will be more than Interest of Fixed Deposit scheme at 7.5% because it is Calculated at simple interest .
Eligibility Criteria For MAHILA SAMMAN SAVING SCHEME At Post OFfice In details
ONLY GIRL Child Of Indian Origin Or Indian Women Can Apply For The MAHILA SAMMAN SAVING SCHEME. A woman or the guardian of a minor girl child ( In case The Girl Is Minor / or less than 10 years of age ) can open a Mahila Samman Saving Certificate scheme.
Deposit Limits
The minimum Ammount to be deposited under the Mahila Samman Savings Certificate Scheme 2023 is Rs.1,000 Or in multiples of rupees one hundred ( 1000 * X ). The maximum deposit amount is Rs.2 lakh in one account or all Mahila Samman Savings Certificate accounts held by an account holder. A woman or guardian of a girl child (In case girl child is minor ) can open a second Mahila Samman Savings Certificate account only after a minimum gap of ( 3 Months ) three months from the opening of the Previous or existing account.
Maturity Of Mahila Samman Saving Certificate | महिला सम्मान बचत पत्र Maturity Period ( Time )
The maturity period / time of the Mahila Samman Savings Certificate scheme account is two years / 2 Years And This SCheme is available only for 2 years i.e. upto 2025 you can open an account . Thus the maturity amount will be paid to the account holder after two years from the account opening date from the post office where account has been opened .
Withdrawal
In some Cases A partial withdrawal facility is provided under the Mahila Samman Saving Certificate scheme. The account holder can withdraw up to 40% of the total ammount or account balance after one year from the account opening date.
Tax Benefits Under Mahila Samman Saving Certificate Scheme 2023
Recently Government Of India Has Declared that Tax Deducted at Source (TDS) will not deducted from the interest received under this scheme. However, CBDT notified that TDS would apply to the Mahila Samman Saving Certificate Scheme. As per Section 194A of the Income Tax Act, TDS will apply only when the interest received from the post office savings scheme in a financial year is more than Rs.40,000 or Rs.50,000 (in the case of senior citizens i.e senior women citizen of more than 65 years ) . Since the interest amount of this scheme for a maximum of Rs.2 lakh investment for two years does not exceed Rs.40,000, TDS is not deducted from the interest received under the Mahila Samman Saving Certificate Scheme.for further details please contact nearby post office or nationalised bank
What is The Interest Rate of Mahila Samman Savings Certificate Scheme ?
This scheme has a fixed interest rate of 7.5% p.a., which is calculated by compounding method which is much higher than most normal bank Fixed Deposits (FDs) and other popular small savings schemes. The interest will be credited quarterly or perodically and paid at the time of closure of the account.
Is Premature Closure Facility Available for Mahila Samman Savings Certificate Scheme 2023 ?
The Mahila Samman Savings Certificate account can be closed before two years in the following situations:
After six months of opening the account without giving any reason. In such a case, an interest of 5.5% will be given to the account holder .
On the Early death of the account holder. In such a case, the interest will be paid on the principal amount to the Nominee.
In the case of an extreme compassionate ground, such as:
A life-threatening disease of the account holder. – Death of the guardian upon production of relevant documents. In such a case, the interest will be paid on the principal amount.
Is Mahila Samman Savings Certificate Scheme Is AVailable At Banks ?
The Department of Economic Affairs, Ministry of Finance Has authorised all public sector banks and qualified private sector banks ( PSU BANKS )to operate the Mahila Samman Savings Certificate scheme through an e-gazette Notification on 27 June 2023. The list of qualified banks offering this scheme is as follows:
Most of the banks are nationalised banks in the list
Bank of Baroda
Canara Bank
Bank of India
Punjab National Bank
Union Bank of India
Central Bank of India
How to Open a Mahila Samman Savings Certificate?
Women and guardians of a girl child can open a Mahila Samman Savings Certificate scheme at Nearby post offices Even at Village Post Offices and or qualified scheduled banks.
What is The Procedure to Open Mahila Samman Savings Certificate at post office ?
Download the ‘Application for purchasing the certificate ’ from the official Indian Post website. You can also visit the nearest Post Office branch and get the form Mahila Samman Savings Certificate Form
Fill out the Post Office address under the ‘To The Postmaster’ section.
Fill in your name in the given space and mention the account as ‘Mahila Samman Savings Certificate’.
Fill out the account type, payment and personal details.
Fill out the declaration and nomination details.
Submit the form with the required documents and also document of guardian in case account holder is minor Girl child .
Make the deposit in the Post Office through cash or cheque.
Receive the certificate Or Passbook that serves as proof of investment in the Mahila Samman Savings Certificate scheme.
Opening of Mahila Samman Savings Certificate at Banks
Download the ‘Mahila Samman Savings Certificate Application’ from the qualified bank’s official website or by visiting the nearest branch office of the bank.
Fill out the required details on the application form.
Fill out the declaration and nomination details.
Submit the form to the bank’s branch office with the required documents.
Deposit the scheme opening account with the bank officials.
Receive the certificate that serves as proof of investment in the Mahila Samman Savings Certificate scheme.
Documents Required for Mahila Samman Savings Certificate Account
Application form
KYC documents, such as an Aadhaar card, Voter ID, driving license and PAN card
KYC form for new account holders
Pay-in-Slip along with deposit amount or cheque
Mahila Samman Savings Certificate Interest Calculator / Interest Calculation
Let’s look at the benefit of opening a Mahila Samman Savings Certificate Scheme account. Suppose you invest Rs.2,00,000 Two Lakh – Which is Maximus ammount One Can Deposit under the scheme; you get an interest fixed at 7.5% yearly. Thus, in the first year, you will get Rs.15,000 interest on the principal amount, and in the second year, you will get Rs.16,125 interest. Thus, by the end of two years, you will get 2,31,125 (2,00,000 initial investment + 31,125 interest for two years). Thus, your maturity amount, which you get after two years, will be Rs.2,31,125.
Mahila Samman Savings Certificate Vs Other Small Savings Schemes
Their are many small savings schemes which has been introduced by Government of india, which are investment tools for people. The popular savings schemes are Public Provident Fund (PPF), National Savings Certificate (NSC), Kisan Vikas Patra 9 KVP ) Senior Citizens Small Savings Scheme (SCSS) , Monthly Income Scheme By Post Office ( MIS ) and Sukanya Samriddhi Yojana (SSY). Let’s look at the comparison of other small savings schemes with the Mahila Samman Savings Certificate.
NATIONAL SAVING CERTIFICATES (NSC ) Vs Mahila Samman Savings Certificate Scheme 2023
| Particulars | Mahila Samman Savings Certificate | NSC |
| Eligibility | Women and girl children | Any individual, including NRIs |
| Interest Rate | 7.5% ( May Vary Time to time ) | 7.7% ( May Vary Time to time ) |
| Tenure | 2 years | 5 years |
| Deposit Limit | Minimum – Rs.1,000 Maximum – Rs.2 lakh |
Minimum – Rs.100 Maximum – No limit |
| Premature Withdrawal | Permits 40% withdrawal after one year | Allowed in certain circumstances |
| Tax Benefit | No tax deduction under Section 80C | Deductions of up to Rs.1.5 lakh under Section 80C |
PUBLIC PROVIDENT FUND ( PPF ) Vs Mahila Samman Savings Certificate
| Particulars | Mahila Samman Savings Certificate | PPF |
| Eligibility Criteria | Women and girl children Of Indian Origin | Any individual Indian citizen |
| Interest Rate | 7.5% ( May Vary Time to time ) | 7.1% ( May Vary Time to time ) |
| Tenure | 2 years | 15 years |
| Deposit Limit | Minimum – Rs.1,000 Maximum – Rs.2 lakh |
Minimum – Rs.500 Maximum – Rs 1.5 lakh |
| Premature Withdrawal | Permits 40% withdrawal after one year | Permits partial withdrawal after 7 years |
| Tax Benefit | No tax deduction under Section 80C | Exempt-Exempt-Exempt (EEE) category under Section 80C category |
SENIOR CITIZEN SAVING SCHEME (SCSS ) Vs Mahila Samman Savings Certificate
| Particulars | Mahila Samman Savings Certificate | SCSS |
| Eligibility Criteria | Women and girl children | Senior citizens aged above 60 years |
| Interest Rate you will get | 7.5% ( May Vary Time to time ) | 8.2% ( May Vary Time to time ) |
| Tenure | 2 years | 5 years |
| Deposit Limit | Minimum – Rs.1,000 Maximum – Rs.2 lakh |
Minimum – Rs.1,000 Maximum – Rs.30 lakh |
| Premature Withdrawal | Permits 40% withdrawal after one year | Can be closed at any time |
| Tax Benefit | No tax deduction under Section 80C | Deductions of up to Rs.1.5 lakh under Section 80C |
Frequently Asked Questions
Is Mahila Samman Savings Certificate scheme applicable to woman of all category and of Income ?
yes , Mahila Samman Savings Certificate scheme is applicable to all irrespective of caste , race, family , religion or income details
What is the Mahila Samman Savings Certificate scheme?
It is a one-time small savings scheme introduced by the government for women with a maturity period of two years. A woman or guardian of a girl child of indian origin can open this account and deposit a maximum amount of Rs.2 lakh. They will get an interest of 7.5% p.a. on the deposited amount.
What is the interest rate of the Mahila Samman Savings Certificate?
The interest rate is 7.5% p.a., credited quarterly and paid at the time of closure of the account.
How to invest in the Mahila Samman Yojana?
You can invest in the Mahila Samman Savings Certificate by opening an account with the post office or the qualified scheduled banks offering this scheme. You can open a Mahila Samman Savings Certificate account by downloading the form from the India Post website or the respective bank’s website, filling it out and submitting it to the nearest Post Office branch or the bank branch.
How to get Mahila Samman Bachat Patra?
You can get the Mahila Samman Saving Patra from the nearest post office or bank branch where you have opened the Mahila Samman Saving Certificate account.
What are the benefits of the Mahila Samman Saving Certificate?
Women or girl child i.e account holder will get a 7.5% interest per year . for the one-time deposit ( Single Premium ) deposited by them at the end of two years i.e on closure of scheme account . The interest rate of this scheme is higher than many other fixed deposit interest rates of banks or post offices provided for two years.
Is Mahila Samman Saving Certificate tax-free?
No, there is no tax deduction at source for the investment made in the Mahila Samman Saving Certificate scheme under Section 80C. However, if the interest received under this scheme is below Rs.40,000, no TDS is deducted from the interest amount. if it is more than 40000 then government is going to apply tax on it