Mahila Samman Savings Certificate-Benefits, Open, Tax Savings, Maturity, Eligibility

Mahila Samman Savings Certificate

Scheme Name	Mahila Samman Savings Certificate
Eligibility	Any woman of India and Girl above 10 years of age
Interest Rates	7.5%
Maturity Period	2 Years
Deposit	Minimum – Rs.1,000 Maximum – Rs.2 lakh
Premature Withdrawal	Up to 40% withdrawal after one year
Tax Benefits	MoF has announced a statement on April 5, 2023 that any investment under scheme does not qualify for rebate under section 80C of Income Tax Act.
How to Open?	Post Office

What is Mahila Samman Saving Certificate Scheme?

Mahila Samman Saving Certificate Scheme is a government scheme which is a one time savings investment and is similar to small savings schemes run by the Central Government.

This scheme was announced by the Finance Minister Nirmala Sitharaman.

Interest Rates on Mahila Samman Scheme

Mahila Samman scheme offers a fixed rate of 7.5 percent on the amount deposited for two years. Under this scheme, any woman of India can apply and invest money in the account. The maturity of the amount invested is 2 years after which she can get the full amount with interest of 7.5 percent on it.

Investment Limit in Mahila Samman Bachat Patra Yojna

This scheme has been started to keep in mind the interest of making women self dependent and getting them earned with their savings.

Total savings of 2 lakhs is the limit in this scheme. So, you can create any number of Mahila Samman yojna scheme but the sum total of investments in all these should not be more than 2 lakhs.

Withdrawal from Mahila Samman Bachat Yojna

This scheme is made for the interest of women to better utilise their hard saved money. So, try not to withdraw before the maturity of this scheme which is 2 years to get the best benefits.

But if any case one has to withdraw the money due to some reasons, she can withdraw up to 40% of the account balance but after one year of the opening of account only.

Benefits of Mahila Samman Yojna

Some of the information about the benefits women get under the Mahila Samman Saving Certificate Scheme is as follows.

• Like the small savings schemes of the Central Government, it has been announced to start Mahila Samman Saving Certificate Scheme for the welfare of women.
• Mahila Samman Saving Certificate is a kind of one time saving scheme.
• Applicants can invest up to two lakh rupees in one go in the scheme.
• Under this scheme, applicants will be able to invest for two years.
• The rate of interest announced by the government under the scheme is 7.5 percent per annum.
• The amount deposited by the applicant woman through Mahila Samman Bachat Patra Yojana will be exempted from tax by the government.
• Through the scheme, all women will be entitled to get tax exemption by investing in the scheme.
• Under the scheme, the account of a girl child of 10 years or more can also be opened.
• Women in the country will be able to become self-reliant by saving under the scheme.

Who is Eligible for Mahila Samman Yojna?

Any one who wants to apply for this scheme, should be eligible for this.

1. All the women of India is eligible to apply for the Mahila Samman Saving Certificate Scheme.
2. Other than women, any girl child who is more than 10 years of age is also eligible to open an account under this scehme.

How to Open Mahila Samman Saving Account?

• You can visit your near by Post Office branch to get the form to fill
• Download the ‘Application for purchasing the certificate’ from the official Indian Post website.
• In both the cases, fill out the Post Office address under the ‘To The Postmaster’ section.
• Give your information like name in the required space and mention the scheme name “Mahila Samman Savings Certificate” as account,
• Fill all information like account type, payment and other personal details required there.
• Also fill declaration and nomination details there.
• Once done submit the form and present it to the Post Office staff.
• Deposit amount through cheque or cash.
• You would receive a certificate as a proof proof of investment in the Mahila Samman Savings Certificate scheme.

Documents Needed for Mahila Samman Saving Account

• Application Form
• KYC Documents like Aadhaar Card, Voter ID Card, Driving License or PAN Card of the applicant
• Passport size photo
• Email id
• Phone number
• Application form

Frequently Asked Questions

Q: Does Mahila Saving scheme offer tax savings benefits?
Ans: Lots of queries related to tax benefits of Mahila Samman yojna has been received by Ministry of Finance. So, MoF has announced a statement on April 5, 2023 that any investment under scheme does not qualify for rebate under section 80C of Income Tax Act.

Q: Will there be tax on the interest earned on Mahila Saving Scheme investment?
Ans: No, there would not be any interest charged on Mahila Saving Investment.