The Mahila Samman Savings Certificate, 2023 is available at Post Offices with an annual interest rate of 7.5% from 04/01/2023.
In her Budget speech 2023-24, Union Finance Minister Smt. Nirmala Sitharaman announced the Mahila Samman Saving Certificate, a new modest savings program for women and girls. In honor of the Azadi ka Amrit Mahotsav, the Mahila Samman Savings Certificate Scheme has been announced.
The Mahila Samman Savings Certificate is a unique scheme available between April 2023 and March 2025. It will offer a two-year fixed interest deposit facility of up to Rs. 9,999. 2 lakh in the name of women and girls.
Features of the Mahila Samman Savings Certificate
Mahila Samman Savings Certificate 2023 has the attributes listed below:
Government supported program
A minor savings scheme supported by the government is the Mahila Samman Savings Certificate Scheme. There is therefore no credit risk.
Eligibility
It is possible to open a Mahila Samman Savings Certificate only in the name of a girl or woman. A Mahila Samman Savings Certificate scheme can be opened by a woman or the adult responsible for a minor girl.
Deposit limits
Mahila Samman Savings Certificate requires a minimum investment of Rs. 1,000 in multiples of Rs. In one account or across all Mahila Samman Savings Certificate accounts held by an account holder, the maximum deposit amount is Rs. 2 million. At least three months have passed since the creation of the first Mahila Samman Savings Certificate account, a woman or the guardian of a female child can open a second account.
Maturity
The Mahila Samman Savings Certificate Account has a maturity period of two years. Thus, two years after opening the account, the account holder will receive the amount on maturity.
Withdrawal
The Mahila Samman Savings Certificate Program offers the opportunity to withdraw only a portion of the money saved. One year after opening the account, the account holder can withdraw up to 40% of the account amount.
Tax benefits
Interest paid under this scheme is not reduced for tax deducted at source (TDS). However, the Mahila Samman Savings Certificate scheme will be subject to TDS, according to a CBDT notification. According to Section 194A of the Income Tax Act, TDS would be levied only if the interest from Postal Savings Scheme is more than Rs. 40,000 or Rs. 50,000 (in case of senior citizens ) during an exercise. TDS is not deducted from the income earned through the Mahila Samman Saving Certificate plan since the interest amount of this plan for a maximum of Rs. 2 lakh investment over two years does not exceed Rs. 40,000.
Mahila Samman Savings Certificate Interest Rate
Compared to most bank deposits (FDs) and other popular small savings schemes, this scheme’s fixed interest rate of 7.5% per annum is significantly higher. Upon account closure, interest will be paid and credited on a quarterly basis.
Early closure of the Mahila Samman savings certificate
Under the following circumstances, the Mahila Samman Savings Certificate Account may be canceled before the two years:
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- after six months of opening an account without justification. In this situation, an interest of 5.5% will be granted.
- Upon the death of the account holder
- If there is a truly humanitarian reason, such
- a condition could endanger the life of the account holder
- After presentation of the relevant documents, the guardian dies. In this scenario, interest will be paid on the capital.
How to open a Mahila Samman Savings Account certificate?
By following the procedures below, women and guardians of girls can open a Mahila Samman Savings Certificate account.
- Download the “Request for Purchase of Certificate” from the official website of Indian Post. You can also obtain the form at your local post office.
- Enter the post office address in the “To Postmaster” field.
- Fill in your name in the space provided and label the account “Mahila Samman Savings Certificate”.
- Complete the account type, payment, and personal information fields.
- Complete the declaration and application information.
- Submit the form along with the necessary documentation.
- Make the deposit in cash or by check at the Post Office.
- Receive the certificate which serves as proof of your investment in the Mahila Samman Savings Certificate.
Document Requirements for Mahila Samman Savings Certificate
- Application form
- KYC documents including Aadhaar, Voter ID, Driving License and PAN
- KYC form for newly opened accounts
- Payment slip
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