Mahila Samman Savings Certificate Scheme 2024: Interest Rate Calculator

Mahila Samman Savings Certificate Scheme 2024 was launched by the government of India. To promote the habit of saving among the women of India the Government of India launched the Mahila Samman Saving Certificate Scheme 2024. With the help of this scheme, the women of India can get a lump sum amount of money after reaching the prescribed time. The interest rate under the Saving Certificate Scheme 2024 is relatively higher than any other savings account in India. The applicant can go to the nearest bank branch to learn more about the Mahila Samman Saving Certificate Scheme 2024 launched by the government of India.

Mahila Samman Savings Certificate Scheme

The Mahila Samman Savings Certificate Scheme was launched by the finance minister of India Mrs Smriti Irani. The scheme was launched to help the women of India by providing financial assistance in the form of a savings account. The Mahila Samman saving certificate scheme account can only be opened in the name of a woman or a girl. If the applicant is a minor then the guardian of the girl child can open the Mahila Samman saving certificate scheme in her name. The Mahila Samman saving certificate scheme provides an interest rate of 7.5% on the deposited amount.

Also Read: Udyogini Scheme For Women Entrepreneurs 

Objective of Mahila Samman Savings Certificate Scheme

The main objective of launching the Mahila Samman Savings Certificate Scheme is to empower women in India. With the help of this scheme females in India can get financial assistance in the form of a savings account. The female candidates can submit a minimum of INR 1000 in Mahila Samman’s saving account. The interest rate under the Mahila Samman saving certificate scheme is 7%. The female candidates who have opened a Mahila Samman savings account can withdraw 40% of their deposited money after 1 year. The applicants can contact any nearest bank branch to learn more about the Mahila Samman saving certificate scheme.

Key Highlights of Mahila Samman Savings Certificate Scheme

Eligibility Criteria

• The applicant must be a permanent resident of India.
• The applicant must be a female resident of India.
• If the applicant is a minor then the savings account can be opened by her natural guardian.
• Only one account per female citizen is allowed under the Mahila Saman Saving Certificate Scheme 2024.

Also Read: PMSMA Login

Benefits of the Scheme

• The Mahila Samman Savings Certificate will empower women in India.
• This Scheme will encourage the habit of saving among females.
• The interest rate under the Mahila Saman savings account is 7% which is relatively higher than any other savings account.
• The scheme will provide lumps up money after the maturity Period of the account.
• The applicants can draw 40% of their money after 1 year of opening their account.

Mahila Samman Savings Certificate Interest Rate

• The interest rate under the Mahila Samman saving certificate scheme is 7.5%.

Also Read: Samman Bachat Patra Scheme

Required Documents

• KYC documents
• Aadhaar card
• Voter ID
• Driver’s license
• PAN card

Maturity Period

• The maturity period of Mahila Samman Savings Certificate Scheme is 2 years.

Minimum and Maximum Contribution

• The minimum contribution under the Mahila Samman Saving Certificate Scheme 2024 is INR 1000.
• The maximum contribution under the Mahila Samman Saving Certificate Scheme 2024 is INR 2 lakh.

Tax Exemption under Mahila Samman Saving Certificate

• Tax Deducted at Source (TDS) is not deducted from the interest received under the Mahila Samman Savings Certificate.

How to Get Mahila Samman Savings Certificate Scheme?

• To get Mahila Samman Saving Certificate Scheme the applicant can go to the nearest post office.
• The post office will give you the application form and fill out the application form.
• Attach all the documents required on the application form.
• After your application is approved submit the deposit.
• After your deposit is accepted you will get your Mahila Samman saving certificate scheme.

Contact Details

• complaint[dot]vigilance[at]bankofindia[dot]co[dot]in

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