Mahila Samman Savings Certificate 2025: The “Mahila Samman Savings Certificate” initiative was introduced by the Department of Economic Affairs within the Ministry of Finance to ensure financial security for all girls and women across India. An e-gazette notification released on June 27, 2023, authorized all Public Sector Banks and qualifying Private Sector Banks to implement and manage this scheme, thereby facilitating greater access for women and girls. As a result, the ‘Mahila Samman Savings Certificate’ will now be available for subscription at Post Offices and eligible Scheduled Banks. The Mahila Samman Savings Certificate, can be accessed at Post Offices, offering an interest rate of 7.5% per annum.
The Union Finance Minister, Smt. Nirmala Sitharaman, introduced Mahila Samman Savings Certificate scheme for women and girls during her Budget Speech for 2023-24, marking it as a tribute to the Azadi ka Amrit Mahotsav. It allows a maximum deposit of up to Rs. 2 lakh in the name of women or girls at a fixed interest rate.
Feature of Mahila Samman Savings Certificate
Offers secure and appealing investment options for girls and women. Deposits earn interest at 7.5% per year, compounded quarterly. Minimum deposit is ₹1,000, with increments of ₹100, up to a maximum of ₹2, 00,000. The investment matures two years after the account is opened. Allows flexibility in both investment and partial withdrawals.
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Account holders can withdraw up to 40% of their eligible balance. Designed to encourage savings among women and girls. Provides a safe way to grow savings over time. Aims to empower women financially through accessible investment options.
Eligibility Criteria for Mahila Samman Savings Certificate
1. Applicants must be citizens of India. 2. This initiative is exclusively for women and girl children. 3. Any individual woman is eligible to apply for the scheme. 4. Guardians can also open accounts for minor girls. 5. There is no maximum age limit; women of all ages can benefit from this scheme.
Please note: Accounts established under this scheme will be single-holder accounts.
Individuals can open multiple accounts, but must adhere to a maximum deposit limit and maintain a three-month interval between opening new accounts. A minimum deposit of ₹1000 is required, with subsequent deposits allowed only in increments of ₹100, and no further deposits permitted after the initial one. The total amount deposited across all accounts cannot exceed ₹2,00,000 for each account holder.
Deposits will mature after a two-year period, at which point the Eligible Balance can be withdrawn by the account holder. When determining the maturity value, any fractional rupee amounts will be rounded to the nearest whole rupee, with amounts of fifty paisa or more counted as one rupee. Account holders can withdraw up to 40% of the Eligible Balance after one year, but before the account matures. For accounts opened for minor girls, guardians can request withdrawals for the minor’s benefit by providing the necessary documentation to the accounts office.
Similar to maturity calculations, withdrawal amounts will also be rounded to the nearest rupee, with specific rules for handling fractional amounts. It’s essential to keep track of the timeframes and limits to maximize the benefits of the accounts. Understanding these guidelines ensures a smooth experience when managing deposits and withdrawals.
Advantages of Mahila Samman Savings Certificate
The Mahila Samman Saving Certificate Scheme is supported by the government, ensuring a secure investment choice. With an attractive interest rate of 7.5% per annum, it serves as an excellent opportunity for women and girls to invest. The duration of the scheme is a manageable 2 years, making it accessible for short-term financial planning.
It offers the flexibility of premature withdrawal under specific conditions, providing added convenience. This initiative empowers women and girls to enhance their financial stability and achieve independence. Tax Benefits under Mahila Samman Savings Certificate
The Mahila Samman Saving Certificate Scheme does not have TDS deducted from the interest earned. The CBDT has announced that TDS will be applicable to this scheme. According to Section 194A of the Income Tax Act, TDS is only deducted if interest exceeds Rs.40,000 or Rs.50,000 for senior citizens in a financial year.
The interest from a maximum investment of Rs.2 lakh over two years stays below Rs.40,000. Therefore, no TDS is applied to the interest from the Mahila Samman Saving Certificate Scheme.
Mahila Samman Savings Certificate Application Process
To start the application process, visit your nearest Post Office or an authorized bank branch. Obtain the application form either by collecting it in person or downloading it from the official website. Complete the application form and ensure all necessary documents are attached. Provide the required declaration and nomination information.
Submit your application along with the initial investment amount and receive your certificate confirming your investment in the ‘Mahila Samman Savings Certificate’ scheme. Remember, applications must be submitted by women for themselves or by guardians for minor girls before March 31, 2025.
Which banks are offering this scheme?
On June 27, 2023, the Department of Economic Affairs under the Ministry of Finance granted permission to all public sector banks and select private sector banks to implement the Mahila Samman Savings Certificate scheme via an e-gazette announcement. This initiative aims to empower women by providing them with a secure savings option.
A variety of banks are participating in this scheme, ensuring accessibility for all eligible customers. The banks involved include prominent names such as Bank of Baroda, Canara Bank, and Bank of India. Other participating institutions are Punjab National Bank, Union Bank of India, and Central Bank of India, all committed to supporting this initiative.
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Discover the advantages of opening a Mahila Samman Savings Certificate account, a great way to secure your savings. If you invest Rs.2,00,000 in this scheme, you’ll earn a fixed interest rate of 7.5% annually. In the first year, your investment will yield Rs.15,000 in interest, while the second year will bring in Rs.16,125. By the end of two years, your total amount will reach Rs.2,31,125, combining your initial investment and the interest earned. Ultimately, your maturity amount after two years will be Rs.2,31,125, showcasing the benefits of this savings option.
