Mahila Samman Savings Certificate 2023

Mahila Samman Saving Certificate is a small and medium savings scheme announced by Indian Finance Minster for 2023-24 budget. Mahila Samman Saving Certificate shall be having a period of 2 years from the date of purchase and will give you returns of nearly 7.5%. Now this 7.5% is per year or for over 2 years still not clear as hoping it should be the yearly interest rate. As per Finance Minster this Mahila Samman Saving Certificate is a one-time small saving scheme for commemorating Azadi ka Amrat Mahotsav which is especially for encouraging a family having a girl kid for a period of 2 years with partial withdrawal option and this is also applicable for Women as well (But as on date age and other details are not available)

What is Mahila Samman Saving Certificate And Its Benefits | महिला सम्मान बचत प्रमाण पत्र क्या है

Mahila Samman Saving Certificate scheme is a new scheme that comes under the small saving scheme and newly announced scheme by Indian Finance Minister in 2023 -24 budget. Mahila Samman Saving scheme will have a time of a 2years from the date of procurement and will give you returns of max up to 7.5%. Presently this 7.5% is each year According to Finance Minister this Mahila Samman Saving scheme is a one-time little saving plan for honoring Azadi ka Amrat Mahotsav which is particularly for empowering a girls and women for a period of 2 years with partial withdrawal and as on date no full details is available how to withdraw partial and how much we get, and also after partial withdrawal at end of the maturity how much amount we get.

Can we get a tax benefit for investing in Mahila Samman Saving Certificate ..? As of date no information is shared from the Government Of India and it may not get any tax benefit as it is specific to the Women saving scheme, but the tax has to be paid on the maturity amount received.

Eligibility Criteria For Mahila Samman Saving Certificate

The eligibility criteria for Mahila Samman Saving Certificate are not yet defined as on date, but let us consider it as same as all other small saving schemes. So then the first criteria shall be the girl or woman shall be born in India and shall hold Indian citizen. Secondly, they have to live in India to prove an Indian citizen, those who live abroad or NRI may or may not able to take benefit of this scheme. As on date no age limit is defined by Government of India and we shall consider that any girl child who are newborn and till age of 85 Women are eligible to take Mahila Samman Saving Certificate (As this is just a assumption and may or may not be correct ). The parents or legal guardian of girl child can buy Mahila Samman Saving Certificate in their daughters names with max investment of 2 Lakhs.

How to buy Mahila Samman Saving Certificate

As of date Mahila Samman Saving Certificate can not be bought before 1st April – 2023, As Mahila Samman Saving Certificate was announced in budget 2023 – 24 and the financial year starts from April 2023 – March 2024 it can be bought after March 2023. From previous experience, we can say that most of the financial certificate and government bonds will be made available first to the Indian Post Office. It would be better to go to the nearest Post Office after February and start looking for an offline application or more details. And possibly it can be made available over the online application as well once it is issued to all public sector banks

How Many Mahila Samman Saving Certificate One Can Buy Or Invest

As of date, only one Mahila Samman Saving Certificate can be bought per person with a max investment of 2 Lakhs. But there is no clear information available from the Government Of India how can we invest in split wise. But once this Mahila Samman Saving Certificate is available for the investment we can try the following ways to split and invest in small chunks

• Per girl child, one can invest or buy per month 10K so that by the 20th month we can finish 2 Lakhs. The advantage of this way is after 2 years every month till the next 20th month you can receive every month 10,750 rupees
• This way is applicable for all women of all age as well

Who Should Invest In Mahila Samman Saving Certificate

As the name state “Mahila”, this scheme is specifically for Girls and Women only. As of date, there is no age restriction is mentioned by the Government Of India and let us consider it the same as other small saving schemes only and will take from newborn baby girls to 80 – 85 years old women can invest. As subject, the person shall hold valid Indian citizenship with proper proof. This saving certificate is announced to empower women by adding more savings options as it is seen most of the small and middle-class women keep their savings either in the house or in banks without earning any interest.

Documents Required For Mahila Samman Saving Certificate

Mahila Samman Saving Certificate scheme is specifically for an Indian girl child and for Women, so it is mandatory to prove that we are Indian citizens, as on date nothing is instructed by the Government Of India but let us consider it would same as another small saving scheme.

• KYC (Know Your Customer)
• Aadhar Card
• PAN Card
• Ration Card
• Passport

All these above-mentioned documents are common for buying any small savings scheme, hence we are sharing the same for the Mahila Samman Saving Certificate scheme. This will update as and when any update is released by the Government Of India

Rules Of Mahila Samman Saving Certificate

Mahila Samman Saving Certificate scheme is one of 2nd best small saving schemes announced by the Government Of India for empowering women hence the rules will be little different for this scheme as this is specific only for Indian Women and other rules are as follows ( Note all these rules are just for information we do not guarantee anything)

• Any new born gril child to aged Women 80-85 years can be eligible for this scheme
• Minimum Investment can be from 1,000 rupees to Max of 2 Lakhs per person
• A partial withdrawal is allowed [ But no full details are available as on date ]
• No Information is available on tax savings from this scheme
• Income tax is applicable for the amount received after maturity

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Mahila Samman Saving Certificate Calculator

The following calculation for the Mahila Samman Saving Certificate scheme is based on assumption and subject to change with time. This is just for information purpose only.

The following table is calculated for a one-year basis as Mahila Samman Saving scheme is termed only for 2 years

The above calculator indicates that the minimum returns for the Mahila Samman Saving Certificate are 1,115 and the maximum returns you can get could be 2,31,135 rupees (Which could be subject to tax)

List Of Authorised Banks For Mahila Samman Saving Certificate

As on date, there is no clear information whether Mahila Samman Saving Certificate scheme will available only in Indian Post Office or it will also be given to public sector banks. As we consider it could follow same like all other small saving scheme we have following list of banks that be consider issue with certificate

• Allahabad Bank
• Axis Bank Limited
• Andhra Bank
• State Bank Of India
• Bank Of India
• Bank Of Baroada
• Bank Of Maharashtra
• Canara Bank
• Corporation Bank
• Central Bank Of India
• Dena Bank Limited
• IDBI Bank Limited
• ICICI Bank Limited
• Indian Bank
• Oriental Bank Of Commerce
• Indian Overseas Bank
• Punjab And Sind Bank
• Punjab National Bank
• State Bank Of Mysore
• State Bank Of Hyderabad
• Syndicate Bank
• State Bank Of Travancore

And more banks can be allowed to issue Mahila Samman Saving Certificate scheme. All these are just for information purpose only.

Frequently Asked Questions for Mahila Samman Saving Certificate ( FAQ of Mahila Samman Saving Certificate )

• Can we transfer this Mahila Samman Saving Certificate from one person to another

As of date no information is available. But considering all other small saving scheme there could not be possible of transferring this to other person ones bought in your name

• Can a loan can be taken against Mahila Samman Saving Certificate

No clear information is share from Government Of India, and considering all other scheme there could not be possible to take any loan against Mahila Samman Saving Certificate as the max investment is 2 Lakhs and returns could be more than 15%

• What is the waiting period of Mahila Samman Saving Certificate

Mahila Samman Saving Certificate is for 2 years with an interest rate of 7.5 % per year

• Can we withdraw Mahila Samman Saving Certificate before 2 years

Only partial withdrawal is allowed [Full details on partial withdrawal is not available from the Government of India ].

• If I or My daughter move to other country, can I continue investing in Mahila Samman Saving Certificate

As Mahila Samman Saving Certificate seems to one-time investment, but if you choose to invest monthly and if you do not lose your Indian citizenship your eligible to invest and get back the returns without any problem

• Is there any tax on the interest received on Mahila Samman Saving Certificate

All schemes interest received are subject to Income tax if you tend to claim it back if your filing IT returns.