Mahila Samman Saving Certificate Scheme

Mahila Samman Saving Certificate Scheme - How to Apply, Eligibility, Interest Rate and More: In her Budget Speech for 2023-24, Union Finance Minister Smt. Nirmala Sitharaman talked about a new small savings plan for women, and girls called the Mahila Samman Saving Certificate. In honour of the Azadi ka Amrit Mahotsav, the Mahila Samman Savings Certificate scheme was announced.

The Mahila Samman Savings Certificate will be available from April 2023 until March 2025 for two years. It will let women and girls deposit up to Rs.2 lakh for two years at a fixed interest rate. Here we have provided complete details about the scheme, like How to Apply, Benefits, Interest Rate, Eligibility and many more.

Eligibility Criteria :

Only a girl or woman can open a Mahila Samman Savings Certificate.

Interest Rate:

This scheme will offer a fixed interest rate of 7.5%, much higher than most bank Fixed Deposits (FDs) and other popular small savings schemes.

Tenure:

The duration of this scheme is two years, and it is a one-time offer. This scheme will be available for two years, from 2023 to 2025.

Tax Benefits:

Section 80C usually allows tax breaks for small savings plans. But the way this scheme will be taxed has not yet been decided.

Mahila Samman Savings Certificate Calculation:

Suppose you invest some of the amounts in the Mahila Samman Savings Scheme for two years, then your interest is fixed at 7.5% yearly.

How to Apply For Mahila Samman Saving Certificate Scheme

Starting April 1, 2023, women and girls can invest in this scheme through state-owned banks. Here are the steps to invest in Mahila Samman Savings Certificate:

1) You can get the Mahila Samman Bachat Patra Yojana form at any bank or post office participating in this scheme.
2) Fill out the application form by listing your personal, financial, and nomination information.

3) Submit the form along with the needed documents, such as evidence of identification and address.

4) Choose the deposit amount and pay it in cash or a cheque.

5) Get the certificate that shows you invested in the Mahila Samman Savings Certificate scheme.

Mahila Samman Saving Certificate Scheme - How to Apply, Eligibility and More