Mahila Samman Savings Certificate: Invest for 2 years with 7.5% interest rate, check eligibility, calculation

On introducing the Budget 2023 on February 1, Union Finance Minister Nirmala Sitharaman announced changes to the income tax slabs under the new tax regime as well as significant adjustments to a number of already-in-place savings plans. Mahila Samman Saving Certificate is a brand-new programme for women that was also launched by the finance minister. The new Saving scheme will be launched in April 2023.

Banks and post offices all around the nation will roll out the Mahila Samman Saving Certificate Scheme. Nirmala Sitharaman, the finance minister, has suggested that public sector banks use unique pushes and initiatives to advertise the programme.

Mahila Samman Savings Certificate:
The Indian government's Mahila Samman Saving Certificate is a one-time new small savings programme that was unveiled in the Budget 2023. Up until March 2025, a two-year term covered by the Mahila Samman Savings Certificate will be made available. This will provide a deposit facility of up to Rs 2 lakh for a two-year period in the name of women or girls.

Interest rate:
Mahila Samman Saving Certificates would provide deposit options up to Rs 2 lakh in women's or girls' names for a 2-year term at a set interest rate of 7.5% with the possibility of partial withdrawal. 

According to Bankbazaar.com CEO Adhil Shetty, "the returns are better than bank FDs and partial withdrawal makes liquidity less of a worry."

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Eligibility:
It is only possible to open a Mahila Samman Savings Certificate in a girl or woman's name.

How to apply:

1. Get the Mahila Samman Bachat Patra Yojana form by going to the closest bank or post office that offers this programme.
2. Fill out the application form with your financial, personal, and nomination information.
3. Send the form along with the necessary documentation, such as identity and address verification.
4. Decide on the deposit amount, and then make the deposit using cash or a check.
5. As proof of your investment in the Mahila Samman Savings Certificate programme, receive the certificate.

Calculation:
Consider investing Rs. 2,000,000 in the programme for two years; you would receive a set interest rate of 7.5% per year. As a result, you will receive Rs. 15,000 on the principle amount in the first year and Rs. 16,125 in the second. As a result, after two years, you will have received 2,31,125 (2,00,000 for the initial investment plus 31,125 for interest).