Mahila Samman Saving Certificate Scheme
Ladies, if you’re looking for a short-term investment plan to take charge of your finances and achieve financial independence then Mahila Samman Saving Certificate is a ticket to your brighter future. In the 2023-24 budget speech, the government of India launched this scheme to promote women’s empowerment across the country.
Under this scheme, a Mahila can open a Mahila Samman account by visiting the nearest post office or authorized bank. This scheme is available to all the women in the country. There’s no age limit required for this yojana. Women can invest in the scheme and can get risk-free returns.
Mahila Samman Bachat Patra Yojana Features
There are many features and benefits that government provides along with this scheme like a high rate of interest making it an attractive investment option for women all over the country. Talking about the benefits, this account can be opened with a minimum investment of Rs. 1000/-, and it can be accessible to almost every woman.
The main objective of this scheme is to encourage women to invest and save money for their future. Now before investing in this scheme, let’s talk about all the benefits, interest rates, application process, eligibility criteria, and most importantly, should women need to invest in the newly launched Mahila Samman Saving Scheme or not. Read this whole article and get the whole Mahila Bachat Yojana information in one window.
Mahila Samman Saving Certificate Benefits
Mahila Bachat Saving scheme is not just another scheme from the government. It’s specially designed for those women who’re looking for a safe and secure investment plan. Let’s cut to the short, and discuss its benefits. Reading its benefits will help you to make a better decision about whether you should enroll in this scheme or not.
- This scheme encourages women to invest and save by opening an account because, in a 2022 survey, 20-25% of women don’t have their own saving account.
- This account can also be opened with the name of a girl child but with the help of her mother or a guardian.
- In Mahila Samman saving certificate, the minimum deposit limit is Rs.1000/-, while the maximum deposit limit is 2 lakh.
- This scheme is centrally sponsored so it’s a risk-free investment.
- The Mahila scheme also offers a partial withdrawal option in which a woman can withdraw a maximum 40% of the amount after 1 year of investment.
- The Mahila Samman Bachat Patra Yojana requires no age limit or state limit which means even a gild child can open an account from any state.
- There’s no limit on the opening of accounts. Let’s suppose if a woman opens an account by depositing Rs. 50,000 in it, then after exactly 3 months she can open another account but she can only deposit Rs. 150,000/- in that account because she invested Rs. 50,000/- before.
- If a woman or a minor children’s parents or guardian deposit Rs.200,000/- for 2 years then she’ll get Rs. 2,32,041/-.
- The account will be closed after the death of the beneficiary, and the amount will be refunded to the family.
- The account can also be closed in the middle of the investment if the beneficiary or beneficiary’s family got a life-threatening disease.
- If an applicant wants to close the account after 6 months of the investment then she can but the amount will be refunded with the 5.5% of interest rate.
- Premature withdrawal is easy as compared to Sukanya Samriddhri Yojana.
Mahila Samman Saving Scheme Tax Benefits
- The interest rate on this scheme is 7.5% which is much higher than most bank Fixed Deposits (FDs) and other small schemes that are run by the government.
- Interest will be credited on a quarterly basis and disbursed upon account closure.
- The interest rate in this scheme is a quarterly compound which means the effective rate will be 7.71%
Documents Required for Mahila Bachat Yojana
It’s a great decision to open a Mahila Samman Saving Certificate account but before applying for it, you need to have a complete list of documents that will be needed during the registration process. Gather all the documents which are listed below to avoid any problems.
- 4 Passport-size photos of the applicant.
- Application Form.
- Aadhaar Card (E-Aadhaar Card will also be accepted)
- PAN Card.
- Current mobile number of the applicant.
- Address Proof. (Passport, Driving License, Voter’s ID Card)
- Doctor Certificate (if a beneficiary or beneficiary’s family member has got a life-threatening disease).
- Pay-in-slip.
- KYC form for the new account holder.
Mahila Samman Bachat Yojana Eligibility Criteria & Conditions
Want to apply for the Mahila Samman Saving scheme but confuse about whether you’re eligible or not? Don’t worry, you’re confusion will be cleared after reading the criteria. The criteria is very simple and almost every Indian woman or girl child with parents or a guardian will fall into it.
- Women or a girl child must be a citizen of India.
- This scheme is only for women or girl children.
- This scheme tenure is only 2 years for now.
- A maximum 40% amount can be withdrawn after 1 year.
- The account can be opened before 31 March 2025.
Apply for Mahila Samman Saving Certificate
If you’re still reading this then you’ve got all the information you need to apply for this yojana. Mahila Samman Saving Certificate account opening process is so simple and easy. Read the comprehensive guide and apply for the prime minister Mahila Samman Yojana.
Step-01:
Visit your nearest post office or an authorized bank.
Step-02:
Ask for the Mahila Samman saving scheme application form or download it from the India Post official website, and fill it out.
Step-03:
After filling out the form completely, attach all the documents with it that are mentioned above.
Step-04:
Deposit the amount with the application form and all the documents.
Step-05:
The post office or bank employee will give you a certificate which is proof of investment in the Mahila Samman Saving Certificate Scheme.
How to Download Mahila Samman Bachat Patra Application Form
To download the certificate online, visit the India Post official website which is indiapost.gov.in, and click on the Banking and Remittance option, given in the menu bar. After that select the Post Office Savings Schemes option which is also given in the same menu.
After clicking on the said option, a list of savings schemes will appear on your screen. Now select the Mahila Samman Savings Certificate option, and click on the Mahila Samman Savings Scheme 2023 link which is given at the end of these notes. The MSSC application form will be displayed. Download the form in pdf format, and apply for the scheme.
Calculation of Interest Rate in Mahila Bachat Scheme
If you’re still confused about the interest rate then we’re going to guide you with the help of an example. Suppose a woman opened an account and invested Rs. 200,000/- for 2 years. Now with the help of a 7.5% interest rate, the woman will get Rs. 15,000/- interest on the first year of the deposited amount, and she’ll get Rs. 16,125/- interest on the second year.
When the account matures after 2 years, she’ll get Rs. 231,125/-. So she’ll get Rs. 31,125/- interest in 2 years. Similarly, if a woman deposited Rs. 100,000/- for 2 years, she’ll get Rs. 116,020/- after the account matures. (If this article is helpful to you then you can also visit pmyojanaawareness.in for more information about PM Yojanas).
What is Mahila Samman Savings Certificate Scheme?
Mahila Samman Certificate scheme is a government-backed scheme and it’s launched by the central government of India. Its main objective is to encourage women to open a saving account and fix a deposit amount in that for their better and more secure future. The account can be opened with a minimum amount of Rs.1000/- and a maximum of Rs. 200,000/-.
This scheme offers an attractive rate of interest on the invested amount which is 7.5%. There’s no barrier of age limit in this scheme, even a girl child can enroll in this scheme but with the help of her parents or guardian. So why wait? Apply now by visiting any nearest bank or post office and secure your future.
How to Get Premature Closure in MSSC Scheme?
Premature closure can be done in some specific cases. If the applicant has died then in this case, the account will be permanently closed, and the amount with the current interest rate will be delivered to the applicant’s family. The applicant’s family can claim the amount by visiting the post office or authorized bank.
In the second case, if a life-threatening disease has met the applicant’s or the applicant’s family members, then in this case, the applicant needs to submit a doctor’s certificate to the bank or post office. if they approve that certificate, then the applicant will get the full amount with interest without any penalty.
In the third case, if an applicant wants to close the account after 6 months then in this case, the applicant needs to face a penalty of 2% interest rate. he/she will get the principle amount along with a 5.5% of interest rate. No certificate or any kind of proof will be needed in this case.
Mahila Samman Savings Certificate Vs PPF
| Features | Mahila Samman Saving Certificate | Public Provident Fund |
|---|---|---|
| Eligibility | Only Women or minor children can avail of this scheme | Available for Indian Citizens |
| Interest Rate | Currently 7.5% | Currently 7.1% |
| Tenure | 2 Years | 15 Years |
| Deposit Amount Loimit | Min: Rs. 1000/-, Max: 2 Lakh | Min: Rs. 500/-, Max: 1.5 Lakh |
| Premature Withdrawal | 40% amount can be withdrawn after 1 year | After 7 Years |
| Tax Benefits | Not Yet Specified | Can Claim Section 80 C Benefits |
| Death Benefits | The account will close and the amount will be refunded to the family | The account will close and the amount will be refunded to the family |
Mahila Samman Savings Certificate Vs Sukanya Samriddhi Yojana
| Features | MSSC | SSY |
|---|---|---|
| Eligibility | Only Women or minor children can avail of this scheme | Available for girl child below 10 years of age |
| Interest Rate | Currently 7.5% | Currently 8% |
| Tenure | 2 Years | 21 years or until the girl child attains 18 years |
| Deposit Amount Limit | Min: Rs. 1000/-, Max: 2 Lakh | Min: Rs. 250/-, Max: 1.5 Lakh |
| Tax Benefits | Not Yet Specified | Exempt-EEE category under Section 80C |
| Premature Withdrawal | 40% amount can be withdrawn after 1 year | Allowed for specific reasons (such as education or marriage) |
| Death Benefits | The account will close and the amount will be refunded to the family | The account will close and the amount will be refunded to the family |
Mahila Samman Savings Certificate Vs Senior Citizen Savings Scheme
| Features | MSSC | SCSS |
|---|---|---|
| Eligibility | Only Women or minor children can avail of this scheme | Available only for senior citizens above 60 years of age |
| Interest Rate | Currently 7.5% | Currently 8.2% |
| Tenure | 2 Years | 5 Years |
| Deposit Amount Limit | Min: Rs. 1000/-, Max: 2 Lakh | Min: Rs. 1000/-, Max: 30 Lakh |
| Tax Benefits | Not Yet Specified | Deduction of 1.5 lahks under Section 80C |
| Premature Withdrawal | 40% amount can be withdrawn after 1 year | Can be closed at applicant request |
| Death Benefits | The account will close and the amount will be refunded to the family | The account will close and the amount will be refunded to the family |
Mahila Samman Savings Certificate Vs National Saving Certificate Scheme
| Features | MSSC | NSCS |
|---|---|---|
| Eligibility | Only Women or minor children can avail of this scheme | Available for all Indian Residence including NRI’s |
| Interest Rate | Currently 7.5% | Currently 7.7% |
| Tenure | 2 Years | 5 Years |
| Deposit Amount Limit | Min: Rs. 1000/-, Max: 2 Lakh | Min: Rs. 1000/-, Max: No Limit |
| Tax Benefits | Not Yet Specified | Deduction of 1.5 lahks under Section 80C |
| Premature Withdrawal | 40% amount can be withdrawn after 1 year | Allowed at a specific circumstance |
| Death Benefits | The account will close and the amount will be refunded to the family | The account will close and the amount will be refunded to the family |
Final Wording
Mahila Samman Bachat Yojana is not just another post office scheme, it’s specially designed for women for promoting women’s empowerment across the country. What makes this scheme unique is its attractive rate of interest and less tenure period. If you’re a woman and looking for a short-term investment plan then go for the MSSC scheme. Visit the official website of India Post and download the Mahila Bachat yojana form.
