Mahila Samman Savings Certificate Calculator - MSSC

Mahila Samman Savings Certificate is a Government backed saving scheme of post office launched for girl child or women from April 2023. MSSC or Mahila Samman Savings Certificate allows you to deposit minimum Rs. 1000 for a period of 2 years and gain interest compounded quarterly over next 2 years.

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Mahila Samman Savings Certificate Interest Calculation Video

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Mahila Samman Savings Certificate Features

Mahila Samman Savings Certificate is a Government backed saving scheme with a tenure of 2 years
It can be open for a girl child or by a women by herself
Mahila Samman Savings Certificate was introduced from April 2023 as part of Budget 2023
This post office saving scheme will help the women to save for herself for mid term goals of 2 years and earn interest that is compounded quarterly
It can also be opened for a minor girl child by a guardian
Multiple Mahila Samman Savings Certificate accounts can be opened by a women or girl after a gap of 3 months from previous account opening
Current interest rate is 7.5% for October to December 2024 quarter

Benefits of Mahila Samman Savings Certificate

The interest earned is guaranteed since Mahila Samman Savings Certificate is a government backed post office saving scheme
It helps you achieve your mid term goals with quarterly compounding of interest
Deposits can be as low as Rs. 1000 so that anyone can afford to open an account in post office or approved banks
Also pre mature withdrawal is allowed based on certain percentage after 1 year – discussed below

ALSO READ: Latest Post Office Interest Rates

Mahila Samman Savings Certificate Eligibility

Mahila Samman Savings Certificate account can be opened by any women for herself
It can also be opened by guardian o behalf of minor girl
You can visit your nearby post office to open this post office account with required documents mentioned in below section

Deposit Limits

Minimum Deposit is Rs. 1000
You can deposit any amount after Rs. 1000 in multiple of 100
Maximum deposit limit is Rs. 2 lakh in Mahila Samman Savings Certificate
Note that this account does not help you to save income tax under any section

Current Interest Rate and Calculations

Current interest rate in Mahila Samman Savings Certificate is 7.5 % for October to December 2024 quarter
Also the interest you earn in this account will be compounded on quarterly basis and credited at the end of tenure – after 2 years
If you deposit Rs. 2 lakh in Mahila Samman Savings Certificate, after 1 year your total interest earned will be Rs. 15,426 and after 2 years total interest will be Rs. 32,044 at 7.5% interest per annum. This is after compound interest.
You can use the above calculator to know interest earned for your deposits in Mahila Samman Savings Certificate

Mahila Samman Savings Certificate Interest Calculation

Mahila Samman Savings Certificate Withdrawal

The tenure of Mahila Samman Savings Certificate is 2 years after which you can close the account and get the total maturity amount with interest
You can also have multiple accounts that will have their own maturity periods
Partial withdrawal is allowed after 1 year of account opening – only 40% of the amount deposited can be partially withdrawn

Pre mature closure

Pre mature closure of Mahila Samman Savings Certificate account is possible
In case of death of the account holder, the amount can be withdrawn
After six months due to some reason if you wish to withdraw, then you’ll get interest at 5.5% for said period on your principal amount

How to open account of Mahila Samman Savings Certificate

You can easily open the Mahila Samman Savings Certificate account in nearby post office. Below are the steps:

Download the Application for purchasing the certificate from the official Indian Post website. You can also visit the near by Post Office branch and get the form
Fill out the Post Office address under the ‘To The Postmaster’ section
Fill in your name in the given space and mention the account as ‘Mahila Samman Savings Certificate’
Fill out the account type, payment and personal details
Fill out the declaration and nomination details
Submit the form with the required KYC documents – Aadhaar and PAN card
Make the deposit in the Post Office through cash or cheque
Receive the certificate that serves as proof of investment in the Mahila Samman Savings Certificate scheme

Frequently Asked Questions

What is the return on Mahila samman saving certificate?

Latest interest rate in Mahila Samman Savings Certificate is 7.5% for October to December 2024 quarter. So based on this interest rate, you will get return of Rs. 32,044 after 2 years on your maximum deposit of Rs. 2 lakh

Is Mahila samman savings certificate better than NSC?

Mahila Samman Savings Certificate is for a tenure of 2 years whereas NSC (National Saving certificate) is for a tenure of 5 years. Since both have different tenures, it depends on your goals to be achieved. Also compare the interest rates in both schemes before investing.

If you want to save income tax than NSC is better, since Mahila Samman Savings Certificate does not allow tax saving in any section.

Is Mahila Samman saving tax free?

No. The interest earned in Mahila Samman Savings Certificate account need to be added in your total income and will be taxed as per your income tax slab rates.

Is Mahila Samman certificate taxable?

Yes. The interest earned in Mahila Samman Savings Certificate is taxable. Also as of now you will not get any tax exemptions on deposits made in this account with old or new tax regime.

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Income Tax Calculator App – FinCalC

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