Mahila Samman saving certificate How to Apply Online? Mahila Samman saving certificate How to Open? Interest rate? Required documents and Eligibility.
Nowadays many new schemes have been launched to keep our money safe. Small savings schemes are run separately in different banks and post offices. One scheme also offers unique benefits. Considering all such benefits, the government has launched another new scheme called Mahila Samman Saving Certificate.
So today we will discuss this Mahila Samman Saving Certificate. How to apply for Mahila Samman Saving Certificate Scheme? What is this Mahila Samman saving certificate scheme? How to use it? Who is it available for? etc. So let us first know what Mahila Samman Saving Certificate Scheme is –
Table of Contents
Mahila Samman saving certificate Account open
|Scheme Name||Mahila Samman saving certificate Scheme|
|Scheme launched||1st April, 2023|
|Finish Date||31st March 2023|
|Beneficiaries||Indian women and girl|
|How to apply||Apply through Post Office|
Mahila Samman Savings Certificate
In 2023 the government launched a new scheme called Mahila Samman Saving Certificate. By looking at the name of the scheme we understand that this scheme has been launched only for women. The government has launched the Mahila Samman Savings Certificate scheme to encourage all women to save.
This is a small savings scheme like all other schemes in the post office. Here you can save money in a very short period of time and get a risk-free return because this is a scheme issued by the Central Government.
From the name of the Mahila Samman Savings Certificate scheme, we know that this scheme is made only for women. It is also known that the Mahila Samman saving certificate will bring various opportunities for women in the future. Two reasons for making this scheme exclusively for Mahalis are noted. For example –
- Since 20 – 25% of women out of 100% of women in our country do not have any savings account, this scheme is designed to encourage them to save.
- Another main reason is that the amount of interest in this scheme is much higher than other schemes. As a result, women will get better interest from their savings in less time.
So you can understand that this scheme is launched so that all women can create their own savings accounts in this scheme along with creating their own savings account in the post office or bank. As a result, the personal savings of all women will increase.
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Mahila Samman Savings Sheme investment limit
The investment limit of the Mahila Samman Savings scheme i.e. the deposit limit is, you can deposit a maximum of 2 lakh rupees in this scheme. Mahila Samman Saving Certificate investment is a kind of one-time investment system.
That is, after a woman invests here, she has to deposit that money for 2 years. And you have to deposit the amount you want to deposit at once. But if you want to withdraw some amount before 2 years for any reason then you can withdraw that amount.
Mahila Samman Savings Certificate Interest rate
The interest rate of this scheme is very high compared to all the schemes offered by post offices or banks (except Sukanya Samriddhi Yojana). This Mahila Samman Savings Scheme is announced to offer interest at the rate of 7.5%.
Article about: Mahila Samman saving certificate How to Open
Mahila Samman Savings Certificate Eligibility
From the naming of the Mahila Samman Savings Certificate scheme, we understand that the scheme is designed only for women. All women can open their accounts under Mahila Samman Savings Certificate Scheme.
Children or women or adult women can deposit their money here. However, the presence of the guardian is required to open the children’s account.
Mahila Samman saving certificate How to Open
To open Mahila Samman saving certificate account you need to collect the form first. Fill up the form completely and attach all the documents that are asked to be given and submit it to the post office. In this way, you can open Mahila Samman saving certificate account.
Some instructions to fill up the form:
- First of all the applicant must attach a photograph.
- In place of To the Postmaster/Manager write the name of the post office in which you want to open the account.
- Then write the name of the woman opening the account, if the woman is a minor then write the name of the guardian.
- Then enter the amount you want to open the account with.
- If you pay the money through check, check number and if you pay through DD, write the DD number.
- Then enter the date of the check.
- Next, write the name of the woman in whose name the account will be opened. The account holder’s guardian’s name and the date of birth number should be written.
- Then enter the Aadhaar number and PAN number of the account holder.
- Account holders should enter their present address, permanent address and telephone number, mobile number & email id in place of contact details.
- The account holder must state that he is an adult or a minor.
- When opening an account for a minor, the minor’s date of birth certificate number, date of issue and the name of his guardian should be entered.
- Then the documents of identity proof and address proof of the account holder should be attached to the form.
- Then the account holder has to write his name three times and sign.
Necessary documents for opening an account in Mahila Samman Savings Certificate
The documents required for opening an account in Mahila Samman Savings Certificate Scheme are as follows:
- An application form
- KYC documents like – Aadhaar Cards, Voter Cards, Driving Licenses, and PAN Cards.
- A separate KYC form will be required for first-time users of the scheme.
Mahila Samman Savings Certificate Application process
- First of all, you need to collect a form to create your account in this scheme. To buy this form, you can apply on the official website of India Post or you can also go to any post office near you and collect this form.
- Then enter the address of the post office from where you are collecting the form in the ‘to the postmaster’ field of the form.
- Enter your name in the correct space and mention Mahila Samman Saving Certificate Scheme as the scheme.
- Enter your account type, how much money you want to deposit, and all your other personal details in the correct space.
- Submit the form with all the required documents as mentioned.
- Deposit the amount in the post office or bank through cash or cheque.
Mahila Samman saving certificate How to apply online
There is no online method available to apply Mahila Samman savings certificate scheme. First, pick up the form from the post office. You can apply by filling up the form and submitting the necessary documents to the post office.
Now let us explain this Mahila Samman Saving Certificate Scheme with the help of an example for ease of understanding –
Suppose you create an account in this scheme this year i.e. 2023. You have invested a total of Rs 2 lakh in your account. Then as per the rules, you will get an interest of Rs 15000 in the first year at a 7.5% interest rate.
And in the second year by following the same rate of interest you will get a total of Rs.16125. Then you can see that after 2 years you will get a total amount of Rs.231125.
Also we already know that this scheme is a scheme run by Central Government so here you are getting a risk-free return. And till now all the details of this scheme are not known, some updates are yet to come.
What is the interest rate of Mahila Samman’s saving certificate scheme?
The interest rate of Mahila Samman saving certificate scheme is 7.5% p.a. That is, if you deposit 2 lakh rupees while opening the account, after two years you will get 231125 rupees including interest.
What is the benefit of the Mahila Samman saving certificate?
The main two benefits of Mahila Samman saving certificate scheme are: Compared to other schemes, this scheme offers better interest in less time and every woman can open her own account under this scheme. Another benefit is to encourage women in India to open their own savings accounts.
Is Mahila Samman saving certificate tax-free?
Whether the Mahila Samman saving certificate scheme is tax-free or not has not yet been clearly stated. But if you have invested only in this scheme then your TDS will not be deducted.
Which bank is offering Mahila Samman saving certificate?
This government Mahila Samman saving certificate scheme is not offered in any bank other than the post office. You have to go to the post office to open an account under this scheme. However, SBI Bank offers 6.8% interest on two-year deposits, HDFC Bank offers 7.10% interest on fixed deposits of 15 to 18 months and ICICI Bank offers 7.10% percent interest on two-year deposits. Besides, PNB offers a maximum of 7.25 percent on deposits of 666 days.
For those women who want to open their account belonging to this Mahila Samman savings certificate scheme, the complete details are given above on Mahila Samman saving certificate How to Open.
Understand the online application procedure and the required documents. Share this post with all women you know who want to open this certificate. To inform them how they can open it.
I’m Sourav, (BA) Graduate. Specialized content writer. Get accurate information from Moneygita.