Know the Characteristics of the Mahila Samman Savings Scheme!

The Mahila Samman Saving Certificate, 2023 is available at Post Offices with an annual interest rate of 7.5% as of 01/04/2023.

In her Budget Speech 2023-24, Union Finance Minister Smt. Nirmala Sitharaman announced the Mahila Samman Saving Certificate, a new modest savings scheme for women and girls. In honor of the Azadi ka Amrit Mahotsav, the Mahila Samman Savings Certificates scheme was announced.

The Mahila Samman Savings Certificate is a one-time program available between April 2023 and March 2025. It will offer a two-year, fixed-interest deposit facility for up to Rs. 2 lakh in the name of women and girls.

Characteristics of the Mahila Samman Savings Certificate

The 2023 Mahila Samman Savings Certificate has the attributes listed below:

Government-Supported Program

A minor savings program supported by the government is the Mahila Samman Savings Certificate program. As a result, there is no credit risk.


It is only possible to open a Mahila Samman Savings Certificate under a girl or woman’s name. A Mahila Samman Saving Certificate program can be opened by a woman or the adult responsible for a minor female child.

Deposit Caps

The Mahila Samman Savings Certificate requires a minimum investment of Rs. 1,000 in multiples of Rs. In one account or across all Mahila Samman Savings Certificate accounts owned by an account holder, the maximum deposit amount is Rs. 2 lakh. After a minimum of three months have passed from the creation of the first Mahila Samman Savings Certificate account, a woman or the guardian of a female child may start a second account.


The Mahila Samman Savings Certificate account has a two-year maturity period. As a result, two years after the account’s establishment, the account holder will get the maturity amount.


The Mahila Samman Saving Certificate program offers the ability to withdraw only a portion of the money saved. After a year has passed after the account was opened, the account holder may withdraw up to 40% of the account amount.

Tax Advantages

The interest paid under this program is not reduced for Tax Deducted at Source (TDS). However, the Mahila Samman Saving Certificate Scheme will be subject to TDS, according to a CBDT notification. According to Section 194A of the Income Tax Act, TDS would only be applied if the interest from the post office savings program is more than Rs. 40,000 or Rs. 50,000 (in the case of senior persons) in a financial year. TDS is not deducted from the income earned through the Mahila Samman Saving Certificate plan since the interest amount of this plan for a maximum of Rs. 2 lakh investment for two years does not exceed Rs. 40,000.

Mahila Samman Savings Certificate Interest Rate

Compared to most bank set Deposits (FDs) and other well-liked modest savings plans, this scheme’s set interest rate of 7.5% p.a. is significantly higher. When the account is closed, the interest will be paid and credited on a quarterly basis.

Mahila Samman Savings Certificate premature closure

In the following circumstances, the Mahila Samman Savings Certificate account may be canceled before the two-year mark:

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  • after six months of account opening with no justification. In this situation, 5.5% interest will be granted.
  • Upon the account holder’s passing
  • If there is a really compassionate reason, such
  • a condition might endanger the account holder’s life
  • After the presentation of pertinent documents, the guardian passes away. The interest will be paid on the principal sum in this scenario.

How to Open a Mahila Samman Certificate of Savings Account?

Following the procedures below, women and guardians of female children can establish a Mahila Samman Savings Certificate account.

  1. Download the ‘Application for purchasing the certificate’ from the official website of the Indian Post. You can also obtain the form at your local Post Office location.
  2. Input the Post Office’s address in the ‘To The Postmaster’ field.
  3. Fill out your name in the space provided and label the account “Mahila Samman Savings Certificate.”
  4. Complete the account type, payment, and personal information fields.
  5. Complete the declaration and nomination information.
  6. Submit the form along with the necessary documentation.
  7. Make the deposit with cash or a check at the post office.
  8. Receive the certificate that serves as evidence of your Mahila Samman Savings Certificate investment.

Document Requirements for the Mahila Samman Savings Certificate

  • Form for applying
  • KYC documents, including Aadhaar, Voter ID, driver’s license, and PAN
  • KYC form for newly opened accounts
  • Payment Slip
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