Mahila Samman Savings Certificate Scheme:- The Mahila Samman Saving Certificate, 2024, is accessible from 01/04/2024 in the Mail centers at a loan fee of 7.5% p.a. The Union Minister of Finance, Smt. In her Budget Speech for the years 2024 and 2025, Nirmala Sitharaman made the Mahila Samman Saving Certificate, a new small savings program for women and girls, public.
In honor of the Azadi ka Amrit Mahotsav, the Mahila Samman Savings Certificate program was announced. The Mahila Samman Savings Certificate is only available once, between April 2024 and March 2025, for a period of two years. It will provide women and girls with a maximum deposit facility of Rs. 2 lakh for two years at a fixed interest rate.
Mahila Samman Savings Certificate Scheme
Ladies’ strengthening is the foundation of any ever-evolving society. In light of this, the Indian government has taken a number of steps to improve the socioeconomic status of women and encourage financial inclusion. One such spearheading program is the Mahila Samman Savings Certificate Scheme. This program, which was launched with the intention of encouraging women to save and invest, gives women a safe and lucrative way to grow their savings and ensure their financial independence.
The Indian government launched the Mahila Samman Savings Certificate Scheme to specifically address women’s financial needs. This program is run by post offices all over the country and falls under the category of small savings programs. It offers a proper profit from venture, settling on it an alluring decision for ladies looking for generally safe speculation choices. The scheme’s primary goals are to increase women’s financial literacy, encourage them to save, and provide long-term financial security.
Mahila Samman Savings Certificate Scheme Details
| Name Of The Article | Mahila Samman Savings Certificate Scheme: Eligibility, Documents, Form, Interest Rate, Calculation, Tax Benefits |
| Category | Govt. Scheme |
| Official Link | Check Here |
| Interest payable, Rates, Periodicity, etc. | The minimum sum required to start an account and the maximum balance that may be kept |
| The rate of interest of 7.5% Per Interest will be compounded quarterly | Minimum of one thousand rupees, multiples of one hundred rupees, and a maximum of two lakh rupees in one account or all accounts held by the account holder. |
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Features of Mahila Samman Savings Certificate
The features of the Mahila Samman Savings Certificate Scheme for 2024 are as follows:
Government-Backed Scheme
Mahila Samman Savings Certificate scheme is a small savings scheme backed by the government. Hence, it does not have any credit risk.
Eligibility
The Mahila Samman Savings Certificate can only be issued in a woman’s or girl’s name. A Mahila Samman Saving Certificate scheme can be open by a woman or a minor girl child’s parent.
Deposit Limits
The Mahila Samman Savings Certificate requires a minimum deposit of Rs. 1,000 in multiples of Rs. 100. The most extreme store sum is Rs.2 lakh in one record or all Mahila Samman Reserve funds Testament accounts held by a record holder. After a minimum of three months have pas since the opening of the first account, a woman or the parent of a girl child can open a second Mahila Samman Savings Certificate account.
Maturity
The maturity period of the Mahila Samman Savings Certificate Scheme account is two years. Thus, the maturity amount will be paid to the account holder after two years from the account opening date.
Withdrawal
A partial withdrawal facility is provided under the Mahila Samman Saving Certificate scheme. The account holder can withdraw up to 40% of the account balance after one year from the account opening date.
Tax Benefits
Charge Deducte at Source (TDS) isn’t deducte from the interest got under this plan. However, CBDT inform that the Mahila Samman Saving Certificate Scheme would be subject to TDS. According to Segment 194A of the Personal Expense Act, TDS will apply just when the interest got from the mail center reserve funds plot in a monetary year is more than Rs.40,000 or Rs.50,000 (on account of senior residents). TDS is not deducte from the Mahila Samman Saving Certificate Scheme interest because the scheme’s interest for a maximum of Rs. 40,000 investment over two years is below Rs. 40,000.
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Interest Rate of Mahila Samman Savings Certificate
This scheme has a fix interest rate of 7.5% p.a., much higher than most bank Fix Deposits (FDs) and other popular small savings schemes. The interest will be credit quarterly and paid at the time of closure of the account.
Premature Closure of Mahila Samman Savings Certificate
The Mahila Samman Reserve funds Endorsement record can be shut before two years in the accompanying circumstances:
- Following a half year of opening the record without giving any explanation. In such a scenario, 5.5% interest will be paid.
- when the account holder passes away. In such a scenario, the principal amount will bear the interest.
- In the event of a ground of extreme compassion, such as:
- a disease that threatens the account holder’s life.
- Upon production of relevant documents, the guardian dies. In such a case, the interest will be paid on the chief sum.
Banks Offering Mahila Samman Savings Certificate
Through an e-gazette announcement on June 27, 2024, the Department of Economic Affairs and Ministry of Finance grante authorization to all public sector banks and qualify private sector banks to operate the Mahila Samman Savings Certificate Scheme program. The following is a list of qualify banks that offer this plan:
- Bank of Baroda
- Canara Bank
- Bank of India
- Punjab National Bank
- Union Bank of India
- Central Bank of India
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Mahila Samman Savings Certificate Vs Other Small Savings Schemes
The public authority has presente numerous little reserve funds plans, which are venture devices for individuals. Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizens Small Savings Scheme (SCSS), and Sukanya Samriddhi Yojana (SSY) are popular savings programs. We should take a gander at the examination of other little investment funds plans with the Mahila Samman Investment funds Endorsement.
PPF Vs Mahila Samman Savings Certificate
| Particulars | Mahila Samman Savings Certificate | PPF |
| Eligibility | Women and girl children | Any individual Indian citizen |
| Interest Rate | 7.5% | 7.1% |
| 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 |
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NSC Vs Mahila Samman Savings Certificate
| Particulars | Mahila Samman Savings Certificate | NSC |
| Eligibility | Women and girl children | Any individual, including NRIs |
| Interest Rate | 7.5% | 7.7% |
| 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 |
SCSS Vs Mahila Samman Savings Certificate
| Particulars | Mahila Samman Savings Certificate | SCSS |
| Eligibility | Women and girl children | Senior citizens aged above 60 years |
| Interest Rate | 7.5% | 8.2% |
| 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 |
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SSY Vs Mahila Samman Savings Certificate
| Particulars | Mahila Samman Savings Certificate | SSY |
| Eligibility | Women and girl children | Only in the name of a girl child before she attains 10 years |
| Interest Rate | 7.5% | 8.0% |
| Tenure | 2 years | 21 years from opening the account or when the girl child attains 18 years |
| Deposit Limit | Minimum – Rs.1,000 Maximum – Rs.2 lakh | Minimum – Rs.250 Maximum – Rs.1.5 lakh |
| Premature Withdrawal | Permits 40% withdrawal after one year | Allowed under certain circumstances |
| Tax Benefit | No tax deduction under Section 80C | Exempt-Exempt-Exempt (EEE) category under Section 80C category |
How To Check Mahila Samman Savings Certificate Scheme Online?
- Visit a Post Office.
- Please make every effort to complete the application.
- Submit the necessary paperwork.
- Conclude the speculation sum.
- Pay the store at the mail center counter.
- Get the endorsement with a 5-year development period and an appealing financing cost.
- Benefit from Section 80C tax breaks and transfer the certificate if necessary during the tenure.
Features of Mahila Samman Savings Certificate
- Focus on for Ladies: craft with women’s empowerment and financial inclusion in mind.
- Eligibility: All Indian women over the age of 18 are welcome, and minors are accommodate.
- Development Period: Fix at 5 years.
- Speculation Cutoff: It has no upper limit, making it open to everyone.
- Rate of Interest: attractive annual compound fix return.
- Tax advantages: Qualified for tax reductions under Area 80C.
- Adaptability: Can be move between mail centers.
Secure Speculation: Support by the public authority, guaranteeing wellbeing.
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
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Interest Rate of Mahila Samman Savings Certificate
Contrast with most bank set Stores (FDs) and other popular unassuming investment funds designs, this plan’s set financing cost of 7.5% p.a. is a lot higher. The interest will be paid and credite quarterly after the account is close.
Mahila Samman Savings Certificate vs other small Savings Schemes
The Mahila Samman Savings Certificate Scheme is a unique small savings scheme custom fit for ladies, offering a decent profit from a 5-year venture period. Its attention on engaging ladies separates it from other little investment funds plans, like Public Opportune Asset, Sukanya Samriddhi Yojana, and Public Investment funds Authentication.
The Mahila Samman Savings Certificate stands out because of its specific approach to women’s financial inclusion and empowerment, despite the fact that these plans also provide secure returns and tax benefits.
Mahila Samman Savings Certificate Calculation
The advantages of opening a Mahila Samman Savings Certificate Scheme account will now be discussed. Think about effective money management Rs. two million in the program; Each year, you would receive a fix interest rate of 7.5%. Consequently, you will receive Rs. Rs. 15,000 in principal interest in the first year 16,125 in second-year interest.
As a consequence of this, at the end of two years, you will have receive 2,31,125 (the sum of the initial investment plus the interest of 31,125). As a result, in two years, you will receive Rs as the maturity amount. 2,31,125.
Conclusion
In conclusion, the Mahila Samman Savings Certificate Scheme is a commendable initiative by the government to empower women and promote financial inclusion. By providing women with a safe and secure investment option, this scheme not only encourages them to save but also helps them build a strong financial foundation for their future. The scheme offers attractive interest rates and flexible tenure options, making it suitable for women from all walks of life. Moreover, the ease of access to these certificates through online platforms has made it convenient for women to invest and track their savings. Overall, the Mahila Samman Savings Certificate Scheme is a step in the right direction towards achieving gender equality and economic empowerment for women in India.
Mahila Samman Savings Certificate Scheme FAQ’S
Who is eligible for Mahila Samman saving certificate?
It allows every woman and girl to invest in the scheme. While any girl or woman above 18 years of age can invest themselves, in case of minors, a guardian (male or female) can open the account on behalf of the girl.
What is the maximum amount for Mahila samman savings certificate?
Interest payable, Rates, Periodicity etc. Minimum of rupees one thousand and in multiple of rupees one hundred and Maximum limit of rupees two lakh in an account or all account hold by an account holder.
What is the minimum amount for Mahila samman savings certificate?
Any amount in multiples of one hundred rupees and a minimum of Rs. 1000 can be use to start an account.
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