Mahila Samman Saving Certificate Scheme – How to Apply? Eligibility, Interest Rate, Tax Benefits

Mahila Samman Saving Certificate Scheme: This scheme was started on 01st April 2023 in Post Office. It offers an interest rate of 7.5% p.a.

The Mahila Samman Saving Certificate Scheme is an initiative launched by the Indian government on April 1, 2023, to encourage women to save and invest their money. This scheme, which is available at Post Offices, provides women with an attractive interest rate of 7.5% per annum, making it an attractive option for those who want to grow their wealth over time.

One of the unique aspects of this scheme is that it is exclusively for women. This means that women can take advantage of this opportunity to save for their future without any discrimination or bias. Additionally, this scheme offers a range of benefits that make it an ideal investment option for women.

For instance, the scheme offers flexible investment options, allowing women to choose the amount they want to invest and the tenure of their investment. This means that women can tailor their investment plan to their individual needs and financial goals. Moreover, the scheme is backed by the government, which makes it a safe and reliable investment option.

Who can Open | Eligibility of Mahila Samman Saving Certificate Scheme

(i) By a woman for herself.
(ii) By the guardian on behalf of a minor girl.

the Mahila Samman Saving Certificate Scheme is a great way for women to save and invest their money. With its attractive interest rates, flexible investment options, and government-backed security, this scheme is an ideal choice for those who want to grow their wealth over time and achieve their financial goals.

Deposit Limits

Maturity

After two years from the date of opening eligible balance will be paid to the depositor.

Mahila Samman Savings Certificate: Interest Rate

(i) Deposit shall be eligible for 7.5 percent interest per annum.
(ii) Interest will be compounded quarterly and credited in the account and paid at the time of closure of the account.
(iii) Account opened or deposit made in contravention of rules will be eligible for interest @ PO Savings Account.

Withdrawal

A partial withdrawal facility is provided under this scheme. 40% withdrawal of the eligible balance can be taken after one year from the date of account opening.

Mahila Samman Savings Certificate:  Pre-mature closure

(i) On the death of the account holder
(ii) On the extreme compassionate grounds (i) Life-threatening decease of the account holder (ii) death of the guardian on the production of relevant documents.
Note:-Scheme interest will be paid on the principal amount.
(iii) After six months of account opening without mentioning any reason.
Note:-Scheme interest less by 2 percent will be paid e.g. 5.5%.

Tax Benefits

TDS is not deducted from the interest received under the Mahila Samman Saving Certificate Scheme.

How to open Mahila Samman Savings Certificate account

To open a Mahila Samman Savings Certificate account, you can visit your nearest Post Office and inquire about the scheme. This government-backed scheme is exclusively for women, meaning any woman who wants to save and invest her money can open an account. Additionally, a guardian can open an account on behalf of a minor girl.

The scheme offers a flexible investment plan, allowing you to choose the amount you want to invest and the tenure of your investment. The interest rate for this scheme is 7.5% per annum and is compounded quarterly, with interest credited to your account and paid at the time of closure. Moreover, the scheme offers a partial withdrawal facility, where you can withdraw 40% of the eligible balance after one year from the date of opening.

Pre-mature closure is also available under certain conditions, such as in cases of the death of the account holder or on extreme compassionate grounds. Lastly, TDS is not deducted from the interest received under this scheme, making it a tax-friendly investment option.

(i) Submit the Account Opening Form, KYC Document (Aadhaar and PAN card), KYC form for new account holder, Pay-in-Slip along with deposit amount/cheque at the nearest post office.