Mahila Samman Savings Scheme, a post office scheme for women, is a time-sensitive scheme and investments are being accepted only until March 31, 2025.
The Mahila Samman Savings Scheme is also known as the post office scheme for women. This limited time post office saving scheme gives women a chance to make investments at a relatively high interest rate.
Women from all walks of life are eligible for the Mahila Samman Savings Scheme post office. The best part – you can start a Mahila Samman Saving Patra Yojana with as little as Rs 1000 and hold multiple accounts.
Let’s learn more about the Mahila Samman Savings Scheme.
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What is the Mahila Samman Savings Certificate?
The Mahila Samman Savings Certificate is a government-backed small savings scheme for women. It was launched in April 2023 as a one-time deposit post office scheme for women.
Women can invest Rs 1000 to Rs 2 lakhs for a total of 2 years in the Mahila Samman Savings Scheme. They will receive the principal and accrued interest upon scheme maturity.
One woman can hold multiple Mahila Samman Savings Scheme Yojana accounts as long as there is a gap of at least 3 months between opening accounts. The total investment amount in all Mahila Samman Saving Patra accounts cannot exceed Rs 2,00,000.
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Mahila Samman Savings Scheme Post Office Quick Facts
| Interest rate | 7.5% PA |
| Duration | 2 years |
| Minimum investment amount | Rs 1,000 |
| Maximum investment amount | Rs 2,00,000 |
| Premature withdrawal | Part premature withdrawal permitted after 1 year |
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Who can apply for a Mahila Samman Savings Certificate?
A woman of any age can apply for a Mahila Samman Savings Certificate for herself. In the case of a minor girl, the guardian can open a Mahila Samman Saving Patra account on her behalf.
Mahila Samman Savings Scheme Post Office Investment Amount
This post office scheme for women can be started with a minimum of Rs 1000. Any sum equal to this or above this in multiples of 100 may be invested. The maximum limit is Rs 2,00,000.
This amount must be invested as a one-time payment. Subsequent deposits are not permitted in the same Mahila Samman Savings Scheme account.
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Calculating Mahila Samman Savings Certificate Yield
The Mahila Samman Savings Certificate offers a 7.5% interest per annum. This interest is calculated on the principal available every quarter. Let’s calculate the amount you would receive on maturity if you invested Rs 2,00,000 in a Mahila Samman Saving Patra.
| Year | Interest | Total Amount |
|---|---|---|
| 1st Year | 15,000 | 2,15,000 |
| 2nd Year | 16,125 | 2,31,125 |
As shown above, you will receive Rs 2,31,125 when this post office scheme for women matures.
Opening a Post Office Savings Scheme Account for Women
You can open an account for a Mahila Samman Savings Certificate at your local post office. Or, you can ask your bank whether they have been qualified to offer the Mahila Samman Saving Patra.
Application forms are available online and at the post office. You will need to print out the form. Online applications are not accepted.
- Step 1: Fill in the application with the address of your local post office in the ‘To The Postmaster’ section and ‘Mahila Samman Savings Certificate’ as the account scheme. Enter the remaining personal details and paste passport-size photographs in the designated space.
- Step 2: The investment can be made in the form of cash or a cheque. If you are using a cheque, enter the cheque number and date in the form.
- Step 3: Provide specimen signatures and sign the declaration form.
- Step 4: Fill in the nomination section.
- Step 5: Submit the form and required documents.
Documents Required to Open a Post Office Savings Scheme Account for Women
You will need one of the following documents to complete the KYC process when applying for post office schemes for women:
Making a Premature Post Office Savings Scheme Account Withdrawal
No withdrawals are permitted for the first year after opening the Mahila Samman Savings Scheme account. In the second year, up to 40% of the eligible balance of the Mahila Samman Saving Patra can be withdrawn if required.
What Happens When the Post Office Savings Scheme Account Matures?
The Mahila Samman Savings Scheme post office matures 2 years after making the initial investment.
When this post office scheme for women matures, the total principal and interest will be credited to your savings account. If the total amount is less than Rs 20,000, it may be paid out in cash.
Pre-mature Closure of the Post Office Savings Scheme Account
A Mahila Samman Savings Certificate account can be closed within 6 months of opening the account. No reasons for pre-mature closure are required. Beyond this, a Mahila Samman Savings Scheme post office account may be closed prematurely only in the following instances:
- Death of the Mahila Samman Saving Patra account holder
- The account holder is diagnosed with a life-threatening disease
- Death of the minor’s guardian
- Extreme compassionate grounds
In the case of pre-mature closure of a Mahila Samman Savings Scheme account, the principal with interest calculated at the rate of 5.5% will be paid back.
Mahila Samman Savings Certificate vs Other Post Office Saving Schemes
There are many other postal office saving schemes available too. These are open to men and women. Here’s a quick comparison between the Mahila Samman Savings Certificate and the other popular post office schemes for women.
| Scheme | Mahila Samman Savings Certificate | PPF | NSC | Senior Citizens Savings Scheme Account |
|---|---|---|---|---|
| Eligibility | Women and girls | All Indians | All Indians | Indians above the age of 60 years |
| Interest Rate | 7.5% | 7.1% | 7.7% | 8.2% |
| Tenure | 2 years | 15 years | 5 years | 5 years |
| Deposit Limits | Rs 1,000-2,00,000 | Rs 500- 1,50,000 | Minimum Rs 100 | Rs 1,000 – 30,00,000 |
| Premature withdrawal | 40% of the amount may be withdrawn after 1 year | Partial withdrawal permitted after 7 years | Permitted in certain circumstances | Permitted at any time |
| Tax implications | No tax deduction under Section 80C | Categorized in the EEE category under Section 80C | Deductions of up to Rs.1.5 lakh under Section 80C | Deductions of up to Rs.1.5 lakh under Section 80C |
Post Office Mahila Samman Savings Scheme – Top FAQs
What is the 2 lakh post office scheme for women?
The Mahila Samman Savings Scheme is also known as the 2 lakh post office scheme for women.
Does the Mahila Samman Savings Certificate have any tax benefits?
The amount received on maturity of a Mahila Samman Savings Certificate does not have any tax benefits. However, it is subject to tax only if the total interest earned in a year is over Rs 40,000.
Do banks also offer post office schemes for women?
You can open Mahila Samman Savings Scheme post office accounts for women in certain banks such as the State Bank of India, Central Bank of India, Bank of Baroda and Canara Bank.
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