Mahila Samman Saving Scheme

Mahila Samman Saving Scheme, Eligibility, Tax Benefits & Interest Rate

Mahila Samman Saving Scheme:- Have you heard about the recently announced Mahila Samman Saving Scheme, which was revealed by Union Finance Minister Smt. Nirmala Sitharaman during her budget speech for 2023–24? Read on to learn everything there is to know about the plan in this post if you want to take advantage of its benefits.
The newest savings plan specifically designed for women, the Mahila Samman Saving Certificate, is now accessible for purchase at your local post office as of April 1st, 2023. Azadi ka Amrit Mahotsav, a program that honors 75 years of independence, has a fixed interest rate of 7.5% per year. The two-year duration of this one-time investment plan, which starts in April 2023 and ends in March 2025, is available. The savings certificate has a maximum investment amount of INR 2 lakh and can only be purchased by women or on behalf of a girl child.


Mahila Samman Savings Scheme:

The government launched the Mahila Samman Savings Certificate, a unique savings program, in the 2023 Budget to encourage women to make investments. This is a one-time chance to save money.

Interest Rate:

Women who participate in this government-backed program can get a fixed interest rate of 7.5%. The account will receive quarterly compound interest. Upon closing the account, payment will be made immediately.


The program will run from April 1, 2023, to March 31, 2025, for a total of two years. The scheme will not accept investments after this time.

Mahila Samman Saving Scheme

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Eligibility to Open Mahila Samman Saving Scheme:

With a guardian’s permission, women can open an account under the Mahila Samman Savings scheme for themselves or on behalf of a minor girl.

Minimum Deposit:

This scheme has a minimum deposit requirement of Rs. 1000 and a maximum limit of Rs. 2 lakh per account, or all of an account holder’s accounts combined. It’s crucial to keep a three-month distance between opening a new account and any current one.


The government permits a withdrawal of 40% of the eligible balance after a year from the account opening date.

Delayed Remittance:

If remittance is delayed, the bank will pay a penalty equal to the interest rate that is owed to the depositor plus an extra 0.5% for up to thirty days of delay. Regarding delays, bey

Interest Rate of Mahila Samman Savings Certificate Scheme

The fixed interest rate of 7.5% offered by the Mahila Samman Savings Scheme is significantly higher than that of bank FDs and numerous other savings plans. The investor receives the interest at maturity, which is credited on a quarterly basis under this plan.

Mahila Samman Savings Certificate – Premature Closure

With this plan, the account holder has the option to terminate the plan before the full two-year policy completion term.

The following circumstances allow for an early account closure:

  • Should the account holder pass away?
  • Withdrawals from the investment are possible for compassionate reasons.
  • Should the account holder receive a critical illness diagnosis?
  • You would receive an interest rate of 5.5% instead of the actual interest rate of 7.5% if you closed the account without cause within the first six months of its opening.
  • The girl whose name the account is opened may be entitled to the money in the event of the guardian’s passing. She must, however, present the necessary documentation. In this instance, the interest is given based on the amount invested.
Mahila Samman Saving Scheme

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The process to Open a Mahila Samman Saving Scheme Account

The following procedures will help you open a Mahila Samman Savings Certificate account:

  • Visit the Indian Post website to obtain the application form. As an alternative, you can pick up the form in person at the Post Office branch that is closest to you.
  • Enter the PO address in the designated space.
  • Enter the account holder’s name in the designated space and note the account name.
  • Now, enter additional information like the account type, along with other payment and personal details.
  • Additionally, you need to fill out the nomination declaration details.
  • Now, send in the application and the necessary documents.
  • Pay the amount with cash or a cheque at the post office that is closest to you.
  • As proof of your investment, you will receive a Mahila Samman Saving Patra. Hold onto it safe.

Mahila Samman Savings Certificate – Documents Required

  • Form of Application
  • Documents for KYC (like Voter ID, Aadhaar card, PAN card and driving license)
  • For new investors, you would need a KYC form as well, and
  • Payment Slip

Mahila Samman Savings Certificate Calculation

What are the advantages of launching the Mahila Samman Savings Certificate program, then? How are the investment returns under this scheme calculated? Let’s examine this. As an example, suppose you invested INR 2 lakh under this plan, with a fixed interest rate of 7.5% per year for the two years the policy is in effect. This implies that you will receive INR 15,000 as interest on your investment in the first year and INR 16,125 in the second year of your investment. As a result, at the conclusion of the two-year policy term, you would receive a total return of 31,125 interest. At maturity, your total would be INR 2,31,125 as a result.

Also Read:- Post Office RD Scheme

Mahila Samman VS. Sukanya Samriddhi Yojana

To determine which program is better for girls, let’s compare the Sukanya Samriddhi Yojana (SY) and the Mahila Samman Savings Certificate.

Points of DifferenceMahila Samman Savings CertificateSukanya Samriddhi Yojana (SSY)
EligibilityWomen and young girlsOnly girl child below 10 years old
Rate of Interest7.5 %8.0%
Tenure of Policy2 years21 years of account opening/when the child turns 18
Amount InvestedMin. – INR 1000
Max. – INR 2 lakh
Min. – INR 250
Max. – INR 1.5 lakh per year
Premature Withdrawal40 % amount is allowed to withdraw after 1-yearAllowed only in case of some circumstances
Tax BenefitsNot yet decidedExempted under EEE category of section 80C

Tax Benefits

Section 80C tax breaks are typically available to small savings plans. However, the details of this scheme’s tax structure are still pending. For those who qualify for significant tax benefits under Section 80C, small savings plans like the Public Provident Fund (PPF), Senior Citizens Small Savings Scheme (SCSS), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana are investment vehicles. (SSY). The taxation structure of the scheme is currently unknown, though.

How to open an account a Mahila Samman Saving Scheme

  • The Mahila Samman Bachat Patra Yojana form can be obtained from the bank or post office closest to you if it is offered.
  • Provide your personal, financial, and nomination details on the application form.
  • Send the completed form in with the required paperwork, such as identification and address verification.
  • Decide on the deposit amount, then pay with cash or a cheque.
  • As evidence of your involvement in the Mahila Samman Savings Certificate program, you will receive the certificate.
Mahila Samman Saving Scheme


Q. Who is eligible for Mahila Samman?

Ans- Only female children or women may open an account for this savings plan. This scheme can be opened by a woman or guardian of a minor girl child. The minimum deposit amount under this MSSC scheme is Rs 1000, multiplied by Rs 100.

Q. Which Bank offers the MSSC scheme?

Ans- On June 30, 2023, Union Bank of India formally launched the Mahila Samman Saving Certificate (MSSC), 2023 Scheme throughout all of its branches nationwide. According to the Union Bank website, the bank has so far mobilized Rs. 17.58 Crores in 5,653 MSSC beneficiary accounts.

Q. Is Mahila Samman tax free?

Ans- Under the scheme, interest is taxable. It implies you are not eligible for tax benefits, in contrast to tax-saving fixed deposits. Interest income from Mahila Samman Savings Certificates is subject to taxation. Depending on each person’s tax slab and total interest income, TDS will be subtracted.

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