If you invest in Mahila Samman Saving Certificate, then you can earn better by investing in this scheme. For this Mahila Samman Savings Certificate is a new small savings scheme launched for women. This scheme has started from April 1, 2023 for all the women of the country. This scheme is available in 1.59 lakh post offices across the country. The interest earned under this scheme is taxable. This means that unlike tax saving fixed deposits, you cannot get tax benefits .
Income from the interest received through Mahila Samman Savings Certificate is not exempt from tax. In this scheme, TDS will be deducted on the basis of total interest income and individual tax slab. If you invest Rs 2 lakh in Mahila Samman Savings Certificate for 2 years, it works like a fixed or FD in that interest and the money invested is received on a quarterly basis. On maturity, you will get a total of Rs 2.32 lakh.
Mahila Samman Savings Certificate Scheme is available only in the post office. You can open an account by visiting any of your nearest post office. To open an account, you need to submit the account opening form, KYC documents (Aadhaar and PAN card), KYC form for new account holder, deposit amount/cheque along with deposit amount/cheque to the nearest post office. After this the account will be opened under your Mahila Samman Savings Certificate.
When can you close ahead of time
According to the India Post website, premature closure can be done depending on the terms and conditions of the post office.
On death of the account holder
Life threatening death of the account holder
Death of guardian on submission of relevant documents
The interest of the scheme will be payable on the principal amount.
The account can be closed after six months of opening without assigning any reason.
Full interest will not be given in this scheme, in this the interest will be 2 percent less.
Will be paid on maturity
In this scheme, the deposit amount matures after two years from the date of deposit, and the account holder will receive the eligible balance at that time by submitting an application in Form-2 to the account office. Each fraction of a rupee will be rounded off to the nearest rupee while arriving at the maturity value. For this calculation any amount greater than or equal to fifty paise is treated as one rupee, and any amount less than 50 paise is not considered.
Minimum and Maximum Investment
Women can start investing in this scheme with a minimum of Rs 1000. The maximum limit can be deposited up to Rs 2 lakh. Or all the accounts are with one account holder. A period of three months should be maintained between opening of second account and opening of current account. 40% can be withdrawn after one year from the date of account opening.
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