The Government of India has made something cool – the Mahila Samman Savings Certificate Calculator 2024! This is for all the ladies in India who applied for the Mahila Samman saving certificate scheme. Now, they can easily check how much money they will earn by visiting the official website.
It’s super easy! Ladies just need to enter their deposit amount to see the total money they will get after 2 years. The best part is that all women, no matter their age or income, can join the Mahila Samman Saving Scheme. Download it now!
About Mahila Samman Savings Certificate Scheme
The Mahila Samman Savings Certificate Scheme is run by the Department of Economic Affairs, which is part of the Ministry of Finance. They started this scheme on April 1, 2023, and it will last for two years, until March 31, 2025. This scheme is really good for women in India because they don’t have to worry about their money. They can safely invest and easily get their money back after 2 years.
The best part about the Mahila Samman Savings Certificate Scheme is that it offers a great interest rate. Right now, the interest rate is 7.5% per year. This means if you invest your money, it will grow over time, making it a smart choice for female citizens of India.
So, with the Mahila Samman Savings Certificate Scheme, women have a safe way to save money and earn some extra! It’s simple and helps them plan for the future without any risk.
Mahila Samman Savings Certificate Objective
The Mahila Samman Savings Certificate is super important for women in India. This plan helps female citizens to save their money without any risk of losing it. With this great scheme, women can invest their money for a short time of 2 years and earn a higher interest rate. It’s really good for all women, like married women, widows, and disabled women.
In this Mahila Samman Savings Certificate program, female citizens can deposit money ranging from a minimum of INR 1000 to a maximum of INR 2 lakh. This means they have the chance to save and grow their money safely. It’s a nice way for women to take control of their finances and plan for their future.
So, if you’re a woman looking for a safe investment, the Mahila Samman Savings Certificate is a good choice. You can feel confident while saving your money and getting good interest in return!
Short Summary of Mahila Samman Savings Certificate Calculator
| Key Highlights | Details |
| Name of the Scheme | Mahila Samman Savings Certificate Calculator |
| Launched By | Government of India |
| Launch Date | April 1, 2023 |
| Announced By | Prime Minister of India |
| Purpose | Invest money |
| Beneficiaries | Citizens of India |
| Target Beneficiaries | Female citizens |
| Advantage | Higher interest rate |
| Eligibility Criteria | Female citizen |
| Required Documents | Aadhaar Card, Bank account |
| Application Process | Online |
| Expected Benefits | Investing opportunity for 2 year |
Eligibility Criteria
- The citizens must be a permanent resident of India.
- The citizens must be female citizens.
- In the case of minors, the legal guardians or parents of the girl child can apply.
Mahila Samman Savings Certificate Calculator Benefits
- With the help of this scheme, female citizens can invest their idol money without taking any risk of losing it.
- Under this scheme, the central government of India will provide an interest rate higher than any other savings account which is 7.5% per annum.
- Because the maturity period under the scheme is only 2 years female citizens can invest their money for the short term.
- This Mahila Samman Savings Certificate scheme will help female citizens to develop a habit of saving.
Also Read: Post Office Scheme for Women
Contribution Amount (Minimum and Maximum)
- An account may be deposited with a minimum of INR 1000/-and any amount in multiples of one hundred rupees; however, further deposits will not be accepted in that account.
- The maximum amount that can be deposited under the scheme is INR 2 lakh.
Interest Rates
- The interest under the Mahila Samman Savings Certificate scheme is 7.5% per annum.
Maturity and Withdrawal
- The maturity period under the scheme is 2 years the female citizens can receive their eligible balance after completing the periods.
- Female citizens are eligible to withdraw only 40% of The Eligible balance once the account has been opened for a year but before it matures.
- If a minor girl’s account was opened on her behalf, her guardian may request a withdrawal on her behalf by bringing the appropriate certificate to the accounts office.
- Any amount in fractions of a rupee will be rounded to the closest rupee for determining the withdrawal from the account, and for this reason, any amount beyond fifty paise will be considered one rupee, while any amount below fifty paise will be disregarded.
Premature Closure
An MSSC account can be opened for a maximum of two years, and it cannot be closed before that time unless one of the following circumstances occurs:
- When an account holder passes away and the bank is satisfied that the account holder is suffering undue hardship due to the operation or continuation of the account—for example, due to medical support for a life-threatening illness or the death of a guardian—it may, upon thorough documentation, by order, and for reasons documented in writing, permit the account to be closed early. Interest on the principal amount of an account that is closed early will be paid at the rate that applies to the scheme that the account has been held for (without net of any interest that may be owed).
- Any time after the six months have passed since the account was opened for any of the other reasons listed above, an account may be prematurely closed. In this scenario, the balance in the account as of any given time will only be eligible for interest at a rate that is two percent (2%) less than the scheme’s specified rate.
MSSC Calculator
Enter Deposit Amount (in rupees):*
Current Rate of Interest (%):*
Maturity Term (in Years):*
*Maturity amount shown here is indicative only. Subject to change based on interest rate advised by Govt. from time to time.
| Amount | Amount in Rs |
|---|---|
| Total Deposit Amount | ₹ |
| Total Interest | ₹ |
| Maturity Amount | ₹ |
Mahila Savings Samman Calculator (MSSC)
The Mahila Savings Samman Yojana uses a simple interest formula to calculate the maturity amount, based on the deposit, interest rate, and time period (in years).
Formula for Simple Interest (SI):
Where:
- ( P ) = Principal amount (initial deposit)
- ( R ) = Rate of interest per annum (as a percentage)
- ( T ) = Time period in years
Maturity Amount (A):
Where:
- ( A ) = Maturity amount (total amount received at the end of the term)
- ( P ) = Principal amount (initial deposit)
- ( SI ) = Simple interest earned over the period
Example Calculation:
If you deposit ₹2,00,000 for 2 years at an interest rate of 7.5%:
- Principal (P) = ₹2,00,000
- Interest Rate (R) = 7.5% per annum
- Time (T) = 2 years
Step-by-Step Calculation:
- Calculate Simple Interest:
- Total Interest (for 2 years) = ₹30,000
- Maturity Amount (A) = ₹2,00,000 (Principal) + ₹30,000 (Interest) = ₹2,30,000
So, the maturity amount after 2 years is ₹2,30,000.
Mahila Samman Savings Certificate Application Form
STEP 1: All female citizens of India who want to fill out the application form for the Mahila Samman saving certificate scheme are requested to visit the official website to download the application form or take it from the bank branch.
STEP 2: After taking the application form the female citizens must start filling it by entering all the details that are asked and attaching all the necessary documents.
STEP 3: Now the female citizens must submit the application form back to the bank official along with the initial deposit amount.
Download Registration Form
STEP 1: All the female citizens of India who want to download the registration form for the Mahila Samman saving certificate scheme can now visit the official website.
STEP 2: Once the female citizens reach the homepage of the official website they must locate and click on the option called “download forms”.
STEP 3: Now the female citizens can click on the option “account open form” to successfully download their registration form.
Contact Details
- For Domestic(India) Contact:
- 1800 103 1906 (toll free)
- 1800 220 229 (toll free)
- (022) – 40919191 (Chargeable number) 24X7
- Email: cgro.boi@bankofindia.co.in
FAQs
Which department administrates the working of Mahila Samman saving certificate scheme?
The Department of Economic Affairs under the Ministry of Finance is the nodal department that administrates the working of the Mahila Samman Savings Certificate Scheme.
Who is eligible for this Mahila Samman Savings Certificate Scheme?
Only female citizens of India are eligible to avail the benefits of the Mahila Samman Savings Certificate Scheme.
What is the minimum investment for this Mahila Samman Savings Certificate Scheme?
The minimum deposit that can be made under the Mahila Samman Savings Certificate Scheme is INR 1000.