Mahila Samman Savings Certificate calculator

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.

Download our Android App FinCalC to see Slab-wise details of your Income Tax Calculation

You can Donate Too!

Found this Helpful? DONATE any amount to see more useful Content. Scan below QR code using any UPI App!

fincalc donate

UPI ID: abhilashgupta8149-1@okhdfcbank

Verify that you are “Paying Abhilash Gupta” before making the transaction so that it reaches me. It makes my Day 🙂

Thank you for Donating. Stay Tuned!

Share this Free Mahila Samman Savings Certificate with your friends and family members and help them know their total interest in this new post office scheme!


Mahila Samman Savings Certificate Interest Calculation Video

YouTube player

Watch more Videos on YouTube Channel

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 pert 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 July 2023 to September 2023 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 July 2023 to September 2023 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 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 July 2023 to September 2023. 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.

Some more Reading:

You can Donate Too!

Found this Helpful? DONATE any amount to see more useful Content. Scan below QR code using any UPI App!

fincalc donate

UPI ID: abhilashgupta8149-1@okhdfcbank

Verify that you are “Paying Abhilash Gupta” before making the transaction so that it reaches me. It makes my Day 🙂

Thank you for Donating. Stay Tuned!

Income Tax Calculator App – FinCalC

For Income Tax Calculation on your mobile device, you can Download my Android App “FinCalC” which I have developed for you to make your income tax calculation easy.

What you can do with this mobile App?

  • Calculate Income Tax for new FY 2023-24 and previous FY 2022-23
  • Enter estimated Investments to check income tax with Old and New Tax Regime
  • Save income tax details and track regularly
  • Know how much to invest more to save income tax
  • More calculators including PPF, SIP returns, Savings account interest and lot more
Download Income Tax Calculator APP from play store
Download Income Tax Calculator APP from play store

Use Popular Calculators:

I’d love to hear from you if you have any queries about Personal Finance and Money Management.

JOIN Telegram Group and stay updated with latest Personal Finance News and Topics.

Download our Free Android App – FinCalC to Calculate Income Tax and Interest on various small Saving Schemes in India including PPF, NSC, SIP and lot more.

Follow the Blog and Subscribe to YouTube Channel to stay updated about Personal Finance and Money Management topics.