Mahila Samman Savings Certificate Government Scheme

As a nation progresses, the government has made many progressive decisions. Of the many government schemes provided and declared, the Mahila Salman saving certificate is the latest one. As Smt. Nirmala Sitharaman – the union finance Minister announced that there would be added advantages provided to girls and women with the new savings scheme. It was declared during the Budget Speech, 2023–24.

This small savings scheme will be available from 1 April 2023. Women can open an account in the post office under this scheme to avail of a better interest rate of 7.5% per annum. This savings certificate scheme was declared on the Azadi Ka Amrit Mahotsav. 

As mentioned earlier, the Mahila Samman savings certificate is a small savings scheme that will allow women to make a deposit of a maximum of Rs.2,00,000 for two years with a fixed interest rate. This savings scheme is a one-time scheme that is available from April 2023 to March 2025. 

There are several features and benefits of this Mahila Samman savings certificate scheme. As it is a government-backed scheme, one can stay assured that there are no risks associated with it. Therefore, women can remain assured that their deposits will go nowhere but stay safe in their accounts.

Information to know about the Mahila Samman Saving Certificate Scheme

Eligibility criteria

As the name goes, Mahila Samman savings certificate scheme, it becomes clear that it is solely designed for women or girl children. A guardian of a girl child or woman would be eligible to open an account under this scheme and enjoy its benefits.

Interest Rate

The interest rate is probably one of the most significant advantages of choosing this scheme. Women can enjoy a fixed interest rate for all the accounts under this scheme of 7.5% per annum. It is probably a lot higher than most banks offering interest rates for fixed deposits. there would be rare schemes offering such high-interest rates. This interest will get credited to the account of every holder quarterly, and one can withdraw the cash. Any time after one year for up to 40%. However, to receive the complete amount, one needs to wait for two years.

Tax Benefits

Anyone who has an account under the Mahila Samman savings scheme will qualify for tax benefits. Under section 80C, this small saving scheme helps women to enjoy its maximum advantages. However, the complete taxation structure has not been specified by the union finance minister.

What would be the deposit limit?

The government has decided to keep a minimum deposit limit under this scheme. Under the Mahila Samman savings certificate, the minimum deposit that one can make is rupees thousand and later in the multiples of hundred. The maximum deposit would be Rs.2,00,000 in the account. It is a standard maximum limit said for all Mahila Samman savings certificate accounts.

Anyone who is the guardian of a girl or a woman is eligible to open a second account under the Mahila Samman savings certificate scheme. However, it must be kept in an account that there should be a minimum gap of three months from opening the existing account.

Is there any maturity or withdrawal limit?

All the schemes that are provided by the government are designed in a way to help people. Similarly, the Mahila Samman savings certificate comes with a maturity period. Every account has two years of maturity, and the matured amount will be paid to the person holding the account after two years. At such a huge interest rate per annum, one can typically enjoy a significant matured amount.

Keeping in mind the need for different needs, the Mahila Samman savings scheme will provide partial withdrawal facilities to women. Every account holder will have the freedom to withdraw a maximum of 40% from the account balance after a year of saving under the account.

Avail the many benefits under this government program:

The government has already taken several steps by introducing small savings schemes to the people. Among the many schemes, the Mahila Samman savings scheme is one of their initiations with the prime agenda to help women or girls. However, to create an account, every account holder requires submitting KYC documents, including a PAN card, voter ID card, and Aadhaar card.


By saransh

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