Mahila Samman Savings Certificate, new post office scheme for women: Investment limit, interest rate, how to open

The Mahila Samman Savings Certificate was introduced in Budget 2023 for female investors. This is a one-time small savings scheme that will be offered for two years. However, the official announcement and details are yet to be released by the government

According to Sitharaman, "For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. This will offer deposit facility up to Rs.2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option. "

Also read: Post Office Schemes latest Interest Rates in India for 2023


Limit
The maximum deposit amount for the Mahila Samman Savings Certificate is Rs 2 lakh

Tenor and interest rate
The scheme has a two-year term i.e., up to March 2025 and a 7.5 percent annual interest rate, with the option of partial withdrawal.

Small savings scheme taxation
This is a government-backed small-savings plan. Generally, Section 80C tax benefits are available for small savings plans. The details on this are yet to be announced.

Interest rate comparison with other banks
Mahila Samman Certificate offers 7.5% interest on 2 year tenure, while SBI offers highest up to 6.80% up to 2 years. HDFC Bank offers highest of 7.10% on tenure of 15 months to less than 18 months and ICICI Bank also offers 7.10% on tenures up to 2 years. PNB offers the highest of 7.25% on tenure of 666 days.

Documents required to open Mahila Samman Certificate
To open any small savings schemes account with the Post office, below are the documents whcih should be submitted along with account opening application.
(a) How to open account
(i) Submit the following forms/documents duly signed and filled at desired Post Office.
Account Opening Form
KYC Form (For new customer/modification in KYC details))
PAN Card
Aadhaar card, if Aadhar is not made available the following document may be submitted.
Passport 2.Driving license 3. Voter’s ID card 4. Job card issued by MNREGA signed by the State Government officer 5. Letter issued by the National Population Register containing details of name and address.

Sukanya Samriddhi Yojana
Sukanya Samriddhi is another small savings schemes specially launched for girl child. The two schemes differ significantly from one another. A maximum investment limit of Rs 2 lakh is set for the short-term Mahila Samman Saving Certificate, while a maximum investment limit of Rs 15 lakh is set for the long-term Sukanya Samriddhi Yojana.