Mahila Samman Savings Scheme

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The Mahila Samman Savings Scheme (MSSC) is a small savings scheme launched by the Government of India on April 1, 2023.It is a one-time scheme that is available for investment for two years, from April 1, 2023 to March 31, 2025.The scheme is open to all women and girls of all age groups

Name	Mahila Samman Savings Scheme
launched by	Government of India
Time period	2023-2025
Features	womens can invest money at the rate of 7.5%
Eligibility	only for women
Starting date	1 April 2023

Mahila Samman Savings Scheme features

• Investment amount: The maximum deposit amount under the scheme is Rs. 2 lakh.

• Interest rate: The interest rate on the scheme is 7.5% per annum, payable half-yearly.

• Maturity period: The Mahila Samman Savings Scheme has a maturity period of two years.

• Lock-in period: There is a lock-in period of one year for the scheme. This means that you cannot withdraw your money before one year.

• Partial withdrawal: You can withdraw up to 40% of the amount after one year of the deposit.

• Tax benefits: The interest earned on the Mahila Samman Savings Scheme is taxable as per your income tax slab.

• Guarantee: The scheme is a risk-free investment as it is backed by the Government of India.

Some other important features of Mahila Samman Savings Scheme:

• Safe and secure investment: The scheme is backed by the Government of India, so your investment is safe and secure.

• Guaranteed interest rate: The scheme offers a guaranteed interest rate of 7.5% per annum, which is higher than many other investment options.

• Flexible investment option: The partial withdrawal facility makes it a flexible investment option. You can withdraw money from your account as needed.

• Good for long-term savings: The scheme has a maturity period of two years, which makes it a good option for long-term savings.

If you are a woman or girl looking for a safe and secure way to grow your savings, the Mahila Samman Savings Scheme is a good option to consider.

Mahila Samman Savings Scheme eligibility criteria

• The scheme is open to all women and girls, irrespective of their income or financial status.

• The account can be opened by a woman or the guardian of a minor girl child.

• The maximum deposit amount under the scheme is Rs. 2 lakh.

• The scheme is available for a two-year period, from April 1, 2023 to March 31, 2025.

Mahila Samman Savings Scheme documents required

• Aadhaar card or other valid identity proof of the woman or girl child

• Proof of address of the woman or girl child

• Proof of age (for minor girls)

Mahila Samman Savings Scheme Banks

• Bank of Baroda

• Canara Bank

• Bank of India

• Punjab National Bank

• Union Bank of India

• Central Bank of India

• ICICI Bank

• Axis Bank

• HDFC Bank

• IDBI Bank

• Kotak Mahindra Bank

Mahila Samman Savings Scheme Calculator

The interest rate on the Mahila Samman Savings Certificate (MSSC) is 7.5% per annum, payable half-yearly. This means that you will earn an interest of 3.75% every six months.

To calculate the interest earned on your MSSC, you can use the following formula:

Interest = Principal * Interest Rate * Time

Where:

Principal = The amount of money you have deposited in the MSSC

Interest Rate = 7.5% per annum

Time = The number of years the money has been deposited for

For example, if you deposit Rs. 10,000 in the MSSC for one year, you will earn an interest of Rs. 375.

Interest = 10000 * 7.5/100 * 1
= 375

If you deposit Rs. 10,000 in the MSSC for two years, you will earn an interest of Rs. 750.

Interest = 10000 * 7.5/100 * 2
= 750

You can also calculate the maturity value of your MSSC by using the following formula:

Maturity Value = Principal + Interest

For example, if you deposit Rs. 10,000 in the MSSC for one year, the maturity value will be Rs. 10,375.

Maturity Value = 10000 + 375
= 10375

If you deposit Rs. 10,000 in the MSSC for two years, the maturity value will be Rs. 10,750.

Maturity Value = 10000 + 750
= 10750

How to apply Mahila Samman Savings certificate online

Steps on how to apply for a Mahila Samman Savings Certificate:

1.Go to the official website of the bank or visit the nearest branch office to download the application form.

2.Fill out the application form with the required details, including your name, address, PAN card number, and Aadhaar number.

3.Fill out the declaration and nomination details.

4.Submit the application form along with the required documents, such as your PAN card, Aadhaar card, and proof of address, to the bank branch.

5.Make the initial deposit of Rs. 1000 or multiples of 1000.

6.Receive the certificate that serves as proof of investment in the Mahila Samman Savings Certificate scheme.

FAQ’s

What is the Mahila Samman Savings Scheme?

The Mahila Samman Savings Scheme (MSSC) is a small savings scheme for women and girls introduced by the Government of India in the Union Budget 2023-24. The scheme is available for a two-year period, from April 1, 2023 to March 31, 2025.

Who can open an MSSC account?

An MSSC account can be opened by any woman or girl, irrespective of their income or financial status. The account can also be opened by the guardian of a minor girl child.

What is the maximum deposit amount under the MSSC?

The maximum deposit amount under the MSSC is Rs. 2 lakh.

What is the interest rate on the MSSC?

The interest rate on the MSSC is 7.5% per annum, payable half-yearly.

What are the withdrawal rules for the MSSC?

The MSSC account cannot be withdrawn before one year of the deposit. However, after one year, you can withdraw up to 40% of the amount in the account. The entire amount can be withdrawn after the maturity of the scheme.

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