Mahila Samman Savings Certificate Scheme 2023 is a special scheme of the government that has been started especially for women and girls. The objective of this scheme is to encourage women towards savings and investment. This is a deposit scheme in which investing gives safe returns with an attractive interest rate.
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Interest rate and period
In this scheme, women are being given 7.5 percent annual interest. The investment period has been fixed at 2 years. That is, the investor has to keep their money deposited in it for at least two years. After this, the entire amount, including principal and interest, is returned.
Calculation of return on investment
If a woman invests Rs 50,000 in this scheme, then after 2 years she will get a total of Rs 58,011, including interest of Rs 8,011.
If Rs 1,00,000 is deposited, then the total amount on maturity will be Rs 1,16,022.
On investing Rs 1,50,000, Rs 1,74,033 is returned after 2 years.
On the other hand, on investing a maximum of Rs 2,00,000, after two years the investor gets Rs 32,044 as interest, and the total amount becomes Rs 2,32,044.
Where and how to open an account
To take advantage of this scheme, women can open an account in a post office or an authorized bank. For girls below 18 years of age, their parents can open an account. To open an account, Form-1 has to be filled out, and the necessary documents like Aadhar card, PAN card, and passport-size photo have to be submitted.
Withdrawal rules
In this scheme, the facility of partial withdrawal is available even before the completion of the 2 years. After 1 year of opening the account, the investor can withdraw up to 40 percent of their deposit amount. If the account holder is seriously ill or dies, the account can be closed after six months. However, in this case, the interest rate will be 5.5 percent instead of 7.5 percent.
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Last date of the scheme
This scheme is available for women only till March 2025. In such a situation, interested women should take the opportunity to invest in it as soon as possible.