If you have invested in Mahila Samman Savings Certificate scheme or interested in this scheme, this calculator is going to help you calculate the maturity amount. We have carefully used the applicable interest rates and kept in mind other terms and conditions to present you with best calculations. Before we use Mahila Samman Savings Calculator 2024, here are some of the key details related to the scheme that every interested person must know.
About
Mahila Samman Saving Certificate Scheme was officially announced in the end of June 2023. All Public Sector Banks and eligible Private Sector Banks have already implemented this scheme. You can participate in this scheme by visiting the nearest post office.
This scheme is also known as MSSC.
Key Points
The Mahila Samman Saving Certificate Scheme is valid for two years i.e. upto 31st March 2025.
- The minimum applicable deposit amount under this scheme is Rs. 1000 and maximum amount is Rs. 2,00,000. If you want to invest any other amount, you need to ensure that it should be multiple of 100.
- Those who have invested under this scheme can withdraw upto 40% of the amount invested under this scheme.
Who is Eligible under this Scheme:
- Any Women or Girls with Indian Citizenship can apply.
- In case of Minor, parent(s) or Guardian(s) can open minor account.
- There is no upper age limit set under this scheme.
Required Documents
- Passport-size photograph,
- Proof of age,
- Aadhaar Card,
- PAN Card,
- Pay-in-Slip along with deposit amount or cheque.
The applicant needs to provide valid ID Proofs and address proofs.
Following documents are acceptable:
- Passport
- Driving License
- Voter’s ID Card
- NREGA Job Card
- Letter Issues by National Popular Register
Mahila Samman Savings Scheme Interest Rate 2024
For any investment, the expected returns is a key factor. Everybody wants to know how much profit they are going to make. It depends on the interest rate being offered. Based on the interest rate, the maturity amount can be calculated and exact profit can be determined after taking into account the tax to be paid (if applicable).
The Mahila Samman Savings Scheme offer 7.5% interest per annum. So, based on this we can calculate the maturity amount.
Let’s get started with the calculator.
Mahila Samman Savings Scheme Calculator 2024
Mahila Samman Calculator
Maturity Amount: ₹
Summary
To provide financial cover for girls and women in India, the Mahila Samman Savings Certificate scheme was launched by the Department of Economic Affairs, Ministry of Finance. The strategy allows minors and females to commence savings over a span of 24 months with a minimum deposit of one thousand rupees and a maximum deposit of two lakh rupees. It is also important to note that this plan attracts interest at the rate of seven point five percent per year compounded quarterly and offers flexibility in terms of investment as well as withdrawal.
In order to apply one can go offline through visiting either Post Office Branches or designated banks then fill an application form attaching necessary papers together with initial investments before submitting back completed forms at respective places where they were obtained from . After elapsing two years since date when money was deposited into account under such aforementioned circumstances; customer shall become eligible withdraw forty percent (40%) calculated upon his/her total balance available for withdrawal at end first year.
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Mahila Samman Savings Certificate Scheme Calculator FAQs
- What is the Mahila Samman Savings Scheme Calculator?
The Mahila Samman Savings Scheme Calculator is an online instrument developed for calculating the maturity of investment under this scheme. The calculator takes into account the principal amount, compounded quarterly at 7.5% per annum for two years.
- How do I use the calculator?
To utilize this device, put your initial deposit in the field and press “Calculate Maturity” button beneath it. You will see an estimated sum which includes interest earned on compound basis during two year term.
- What is the minimum amount I can calculate?
Minimum contribution allowed by Mahila Samman Savings Scheme is ₹1,000 while highest limit has been set at ₹200,000 thus multiples of ₹100 can be used as incremental units.
- How is interest calculated in Mahila Samman Savings Scheme?
In this plan interest accrues at fixed rate of 7 and half percent per annum compounded quarterly i.e., every three months new interest is added to principal sum on which next period’s interest will be calculated.
- Can partial withdrawals be calculated in this calculator?
No partial withdrawal option has been included yet therefore you are unable to perform such calculations through current version but don’t worry because ultimate maturity value after complete tenure is shown by default when all inputs have been entered correctly.
- Is there a reset option in the calculator?
Yes, you can find reset button below input area that clears everything so user may start afresh whenever required without closing tab/window or refreshing page unnecessarily.
7.What happens if I put more than maximum deposit limit?
Although system allows entering any figure greater than upper threshold (₹200,000) yet legally one cannot invest beyond designated cap so correct results according to rules must be obtained by following terms strictly while doing calculations using provided software tool hereunder.
8.Where else can I get more information about Mahila Samman Savings Scheme ?
If additional details are desired like eligibility criteria, benefits etc., then please refer official website associated with government authorities responsible for implementing this policy otherwise approach nearest eligible bank/post office staff who will guide you through necessary steps involved in opening account under Mahila Samman Savings Scheme.
- Can it be used for other savings or investment calculations?
Since interest rates vary across different instruments hence only relevant calculator should be chosen that matches specific requirements of each scheme also based on its compounding frequency such as monthly/quarterly/half yearly/yearly basis while computing returns applicable to said plan alone not any other type of investment.
- Who is eligible to use this calculator?
Any woman or guardian on behalf of girl child planning to invest money into such a program can utilize present value estimator if they fulfil conditions laid down by Mahila Samman Savings Scheme and want to find out future maturity amount.
If you are looking for more information on this scheme kindy head to myscheme gov portal.