Mahila Samman Savings Certificate Scheme

The Mahila Samman Savings Certificate scheme is a new small savings scheme for women and girls, recently announced by the Union Finance Minister to commemorate the Azadi ka Amrit Mahotsav.

Introducing Mahila Samman Savings Scheme

Features of the Mahila Samman Savings Certificate Scheme

The scheme is backed by the government and provides a fixed interest rate of 7.5% for a two-year tenure. It is available only in the name of a girl child or woman, with a maximum deposit amount of Rs.2 lakh. The scheme also offers a partial withdrawal facility.

Women and girls are eligible to invest in the scheme. They can open an account by visiting a state-owned bank or post office offering the scheme and filling out the application form with their personal, financial, and nomination details.

Eligibility for the Mahila Samman Savings Certificate Scheme

Small savings schemes usually qualify for tax benefits under Section 80C. However, the taxation structure of this scheme is yet to be specified.

Tax Benefits of the Mahila Samman Savings Scheme

To open an account, women and girls can visit the nearest bank or post office offering the scheme and get the Mahila Samman Bachat Patra Yojana form. They need to fill out the application form, submit the required documents, choose the deposit amount, and make the deposit through cash or cheque.

How to Open a Mahila Samman Savings Account?

Calculation of Mahila Samman Savings Scheme Returns

Investing Rs.2,00,000 under the scheme for two years would earn an interest fixed at 7.5% yearly. Thus, the investor would receive Rs.15,000 in the first year and Rs.16,125 in the second year, making the total returns on investment at the end of two years Rs.2,31,125.

Overall, the Mahila Samman Savings Certificate scheme is a step towards financial inclusion and economic empowerment of women in India.

Conclusion