Mahila Samman Saving Scheme Calculator, The Mahila Samman Saving Certificate is a new modest savings program for women and girls that was introduced by Union Finance Minister Smt. Nirmala Sitharaman in her Budget Speech 2023-24. In observance of Azadi ka Amrit Mahotsav, the Mahila Samman Savings Certificate program. From April 2023 to March 2025, the Mahila Samman Savings Certificate is a one-time program. In the name of women or girls, it would provide a two-year, fixed-interest deposit facility with a ceiling of Rs. 2 lakh.
Contents
Features of Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate, 2025 has the following features:
Government-Backed Scheme
The government offers a small savings scheme called the Mahila Samman Savings Certificate program. Consequently, there is no credit risk.
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Eligibility
Applications for the Mahila Samman Savings Certificate are only accepted from women or female children. A mother or the guardian of a minor female child may establish a Mahila Samman Saving Certificate program.
Deposit Limits
The Mahila Samman Savings Certificate requires a minimum deposit of one thousand rupees, expressed in multiples of one hundred. Up to Rs. 2 lakh can be deposited into any or all of an account holder’s Mahila Samman Savings Certificate accounts. After at least three months have passed from the establishment of the first Mahila Samman Savings Certificate account, a woman or the guardian of a female child may open a second one.
Maturity
The Mahila Samman Savings Certificate account has a two-year maturity period. As a result, the account holder will get the maturity amount two years following the account opening date.
Withdrawal
The Mahila Samman Saving Certificate program offers a partial withdrawal option. After a year from the account inception date, the account holder is permitted to withdraw up to 40% of the account amount.
Interest Rate of Mahila Samman Savings Certificate
This plan offers a fixed interest rate of 7.5% per annum, which is significantly greater than that of the majority of bank fixed deposits (FDs) and other well-known modest savings plans. The interest will be paid when the account is closed and credited on a quarterly basis.
Benefits of the Mahila Samman Saving Certificate Scheme
- Due to the fact this program is supported by the government, investing in it is secure.
- It’s far a high-quality investment desire for girls and women since it offers a high interest rate of 7.5% p.a.
- The plan has a -yr duration.
- In a few instances, this plan also gives the choice of an early withdrawal.
- Through this program, ladies and women may additionally grow their money and acquire monetary independence.
Tax Benefits of the Mahila Samman Saving Certificate Scheme
The hobby purchased under this plan is not subject to supply-side tax deductions (TDS). As far as TDS is aware, the Mahila Samman saving certificate program will provide challenges. According to section 194a of the Income Tax Act, TDS may be completed most easily if interest generated through the Post Office Financial Savings Program at any time during a fiscal year surpasses Rs. 40,000 or Rs. 50,000 (for senior citizens). Since interest on a maximum investment of Rs. 2 lakh over years no longer exceeds Rs. 40,000, TDs are not usually deducted from income under the Mahila Saman Saving Certificate program.
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Premature Closure of Mahila Samman Savings Certificate
In the following situations, the Mahila Samman savings certificates account may be terminated earlier than the 2-year mark:
- Six months after the account was opened without a legitimate purpose. a hobby fee of 5.5% might be implemented in this example.
- Upon the account holder’s passing. hobby might be paid on the precept amount in this example.
- When there is a grave humanitarian want, such as the account holder has a serious infection.
- Death of the guardian upon imparting the vital office work. interest could be paid on the precept amount in this situation.
Banks Offering Mahila Samman Savings Certificate
Through an e-gazette statement on June 27, 2023, the Department of Economic Affairs, Ministry of Finance, authorized all public sector banks and eligible private sector banks to run the Mahila Samman Savings Certificate scheme. The following is a list of banks that are eligible to provide this scheme:
- 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?
Post offices and eligible scheduled banks allow women and guardians of a female child to open a Mahila Samman Savings Certificate scheme.
Opening of Mahila Samman Savings Certificate at the post office:
- The Application for purchasing the certificate can be downloaded from the Indian Post website. You may also pick up the form at the Post Office location that is closest to you.
- Complete the To The Postmaster area with the Post Office address.
- Name yourself in the designated field and refer to the account as “Mahila Samman Savings Certificate.
- Enter your payment information, account type, and personal information.
- Complete the declaration and nomination form.
- Send in the completed form together with the necessary paperwork.
- Deposit cash or a check at the post office.
- Get the certificate proving your investment in the Mahila Samman Savings Certificate program.
Opening of Mahila Samman Savings Certificate at Banks
- Get the application for the Mahila Samman Savings Certificate by going to the bank that is administering the program.
- Complete the necessary information on the application.
- Complete the declaration and nomination form.
- Bring the necessary paperwork and the completed form to the bank’s branch office.
- Give the bank staff the plan opening account deposit.
- Obtain the certificate proving your investment in the Mahila Samman Savings Certificate program.
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 Calculation
Examining the advantages of making an account with the Mahila Saman financial savings certificate is essential. you’ll receive an interest fee of 7.5% per 12 months in case you make investments rs. 2,000,000 beneath the plan. consequently, you’ll acquire rs. 15,000 in hobby at the principal quantity in the first year and rs. 16, a hundred twenty-five in interest inside the second. you’ll as a consequence receive 2,31, hundred twenty-five at the conclusion of the 2-year duration (2,00,000 for the preliminary funding plus 31, hundred twenty-five for the hobby over the two years). Consequently, the amount you would receive as your maturity fee after years may be rs. 2,31,125.
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Faq’s
Q. The Mahila Samman Savings Certificate program: what is it?
Ans: The government created this one-time modest savings plan for women with a two-year maturity term. A maximum of Rs. 2 lakh can be deposited into this account by a woman or the guardian of a female child. The interest rate on the Mahila Samman Savings Certificate is 7.5% annually.
Q. The Mahila Samman Savings Certificate’s interest rate is what?
Ans: The interest rate is 7.5% annually, credited on a quarterly basis, and paid when the account is closed.
Q. Is Mahila Samman exempt from taxes?
Ans: No, the Mahila Samman Saving Certificate investment made under Section 80C is not eligible for a tax deduction. TDS is not subtracted from the interest amount, nevertheless, because the interest earned under this program is less than Rs. 40,000.
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