Mahila Samman Saving Scheme: Eligibility, Interest Rate, Maturity, Tax benefits and How to Open Account?

Smt. Nirmala Sitharaman, Union Finance Minister, announced the Mahila Samman Saving Certificate, a new small savings scheme for women and girls, in her Budget Speech 2023-24. To commemorate the Azadi ka Amrit Mahotsav, the Mahila Samman Savings Scheme was announced. From April 2023 to March 2025, the Mahila Samman Savings Certificate will be available. It will provide a maximum deposit facility of Rs.2 lakh in the name of women or girls for a period of two years at a fixed interest rate.

Features of mahila samman saving scheme

Government-Backed Scheme

As a government-backed small savings scheme, the Mahila Samman Savings Certificate scheme poses no credit risk.

Eligibility

Only a girl child or woman can apply for the Mahila Samman Savings Certificate.

Interest Rate

This scheme will provide a fixed interest rate of 7.5%, which is significantly higher than most bank FDs and other popular small savings schemes.

Deposit Limits

The Mahila Samman Savings Certificate allows for a maximum deposit of Rs.2 lakh.

Tenure

The deposit facility for Mahila Samman Saving Patra's one-time new small saving scheme for women and girls will be available for two years between 2023 and 2025.

Premature Withdrawal

The Mahila Samman Saving Certificate scheme allows for partial withdrawals.

Tax Benefits

Small savings plans are usually eligible for Section 80C tax breaks. The taxation structure of this scheme, however, has yet to be specified. Small savings plans, such as Public Provident Fund (PPF), Senior Citizens Small Savings Scheme (SCSS), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana, are investment vehicles for people who qualify for significant tax benefits under Section 80C. (SSY). However, the scheme's taxation structure is unknown at this time.

Withdrawal limit

The Indian government has permitted partial withdrawals from the Mahila Samman Saving Certificate scheme, and deposits can be made in the name of a woman or a girl child.

How to open account a mahila samman saving scheme?

• Get the Mahila Samman Bachat Patra Yojana form from your nearest bank or post office that offers this scheme.
• Fill out the application form with personal, financial, and nomination information.
• Submit the form along with the necessary documentation, such as proof of identity and address.
• Select the deposit amount and make the deposit in cash or by check.
• Receive the certificate as proof of participation in the Mahila Samman Savings Certificate scheme.