Mahila Samman Savings Certificate (Mahila Samman Bachat Patra)

February 2, 2023

Mahila Samman Savings Certificate is a new small savings scheme introduced by the Indian government in the budget 2023, aimed at empowering women and girls. The scheme offers a deposit security of up to INR 2 lakhs for a tenure of 2 years, with an interest rate of 7.5%.

Features of Mahila Samman Savings Certificate

Commemorating Azadi Ka Amrit Mahotsav, the new savings scheme is available for a two-year period up to March 2025.
The scheme is exclusively for women and girls and offers a deposit facility of up to INR 2 lakhs.
The interest rate for the scheme is fixed at 7.5% for a tenure of 2 years.
The certificate may be obtained from the post office or a bank.

Benefits of Mahila Samman Savings Certificate

Fixed Returns: The interest rate for the Mahila Samman Savings Certificate is fixed at 7.5%, offering higher returns compared to normal fixed deposits in banks.
Government Backed: The savings certificate is backed by the Indian government, making it a secure investment option.
Tax Benefits: Some of the small savings schemes, including the Mahila Samman Savings Certificate, offer tax-saving benefits under section 80C of the Income-tax Act, 1961.
Partial Withdrawal Option: The Mahila Samman Savings Certificate offers partial withdrawal options, making it a flexible investment option.

Comparison with Other Savings Schemes

Interest Rates: The Mahila Samman Savings Certificate offers a 7.5% interest rate, compared to 7% offered by the National Savings Certificate scheme and a maximum of 7.25% offered by SBI, HDFC Bank, and ICICI Bank.
Tenure: The Mahila Samman Savings Certificate has a tenure of 2 years, compared to 15 years for PPF and 5 years for the National Savings Certificate.
Eligibility: The Mahila Samman Savings Certificate is exclusively for women and girls, while other savings schemes are open to all residents.

With its fixed returns, government backing, tax benefits, and partial withdrawal options, the Mahila Samman Savings Certificate scheme offers a secure and flexible investment option for women and girls. It is important to note that the interest rates for small savings schemes are announced once every quarter by the government, and it is advisable to compare the interest rates offered by different schemes before deciding.

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