The Mahila Samman Saving Scheme is a unique initiative designed to empower women by promoting financial inclusion and savings habits. This scheme offers various benefits and opportunities for women to secure their financial future. In this comprehensive guide, we’ll delve into the overview, eligibility criteria, benefits, and application process of the Mahila Samman Saving Scheme in simple terms.
Mahila Samman Saving Scheme Overview: The Mahila Samman Saving Scheme aims to encourage women to save money regularly and build a financial cushion for themselves and their families. It provides a safe and convenient platform for women to deposit their savings and earn attractive returns on their investments.
Mahila Samman Bachat Patra Yojana 2023 Key Points
| Name Of The Yojana | Mahila Samman Savings Certificate Scheme 2023 |
| Purpose of the Yojana | To promote financial inclusion and empowerment by promoting investment propensity among women including girls. |
| Start of Yojana | 1 February 2023 |
| End of Yojana | March 31, 2025 |
| Sector of Yojana | Indian Government |
| Income Support | Interest payment of 7.5% on investments up to Rs 2 lakh. |
| Ministry of Yojana | Finance Ministry |
| Current Status | Active |
| Beneficiary of Yojana | All women living in India, who are Indian citizens. |
| Rate of Interest | 7.5% interest on investment |
| Duration of the Yojana | 2 Year (This scheme will remain in force for 2 years from the date of issue of this notification.) |
| Apply Process | Offline |
| Official Website | www.indiapost.gov.in |
| Download App | Will be released soon. |
| Helpline No | Will be released soon. |
What is Mahila Samman Savings Certificate
Mahila Samman Savings Certificate scheme has been launched by the government to support and empower women to save money and instil financial independence for themselves.
The scheme is designed to offer a maximum deposit facility of up to Rs 2 lakh in the name of women for 2 years at a fixed interest rate.
Interest Rate of Mahila Samman Savings Certificate
Mahila Samman Saving Certificate is available from 01 April 2023 in the post offices at an interest rate of 7.5% per annum. The interest will be credited quarterly and will be paid at the time of the account closure.
Eligibility for Mahila Samman Saving Scheme:
To be eligible for the Mahila Samman Saving Scheme, women must be Indian citizens and of legal age to open a savings account. There are typically no strict income or employment criteria, making it accessible to women from all walks of life.
Benefits of Mahila Samman Savings Certificate Scheme
Participating in the Mahila Samman Saving Scheme offers numerous benefits, including competitive interest rates, flexible deposit options, and tax benefits under certain conditions. Additionally, it fosters a culture of financial independence and empowerment among women.
- Women can get a huge interest by investing their small savings
- Any woman can invest up to ₹ 200,000 for 2 years , either in small installments or ₹ 200,000 can be deposited all at once.
- After completion of 2 years, the interest amount will be received along with the principal amount. In this, the interest amount has been kept higher than other schemes i.e. 7.5% .
- To open an account under the scheme , it is mandatory to have at least Rs 1000 .
- A guardian will be required to open an account for a minor girl.
- After one year, a maximum of 40 percent can be withdrawn from the deposited amount.
Mahila Samman Saving Scheme with Indian Bank and Post Office: Women can open Mahila Samman Saving Scheme accounts with various financial institutions, including Indian Bank and the Post Office. These institutions offer reliable and secure platforms for women to save and grow their money.
How much money will be given in Mahila Samman Savings Certificate Scheme?
The amount deposited will receive interest at the rate of 7.5% after 2 years as follows: –
| On deposit of Rs 1,000 | Rs 1,160 |
| On deposit of Rs 2,000 | Rs 2,320 |
| On deposit of Rs 3,000 | Rs 3,481 |
| On deposit of Rs 5,000 | Rs 5,801 |
| On deposit of Rs 10,000 | Rs 11,606 |
| On deposit of Rs 20,000 | Rs 23,204 |
| On deposit of Rs 50,000 | Rs 58,011 |
| On depositing Rs 1 lakh | Rs 1,16,022 |
| On depositing Rs 2 lakh | Rs 2,32,044 |
Interest Rate Calculator for Mahila Samman Saving Scheme: An interest rate calculator helps women estimate the potential returns on their savings under the Mahila Samman Saving Scheme. By inputting the deposit amount and term, they can calculate the interest earned and plan their finances accordingly.
How to Apply Online for Mahila Samman Saving Scheme: Applying for the Mahila Samman Saving Scheme online is simple and convenient. Women can visit the official website of the participating bank or financial institution, fill out the application form, and submit the required documents electronically.
How to Open a Mahila Samman Saving Scheme Account: Opening a Mahila Samman Saving Scheme account involves visiting the nearest branch of the participating bank or post office, filling out the account opening form, and providing the necessary identification and address proof documents.
Mahila Samman Saving Scheme with SBI and Post Office Calculator: The State Bank of India (SBI) and Post Office also offer Mahila Samman Saving Scheme accounts, each with its own set of features and benefits. Women can use online calculators provided by these institutions to estimate potential returns on their savings.
Mahila Samman Savings Certificate with HDFC Bank: HDFC Bank offers Mahila Samman Savings Certificates, providing women with an additional avenue to save and invest. These certificates offer competitive interest rates and flexible tenure options, catering to the diverse needs of women savers.
Conclusion: The Mahila Samman Saving Scheme presents a valuable opportunity for women to take control of their finances and secure a brighter future. By understanding the eligibility criteria, benefits, and application process, women can make informed decisions and embark on a journey towards financial independence and empowerment.