Use this free Mahila Samman Saving Certificate Calculator to calculate your returns in MSSC Scheme.
What Is Mahila Samman Saving Certificate Scheme
MSSC also known as Mahila Samman Bachat Patra Yojna. This is a saving scheme, which is launched by Government of India to make women financially independent and save more money.
This will offer more returns than normal bank FD. Woman or girl can deposit upto ₹2,00,000 for 2 year tenure at 7.5% interest rate. The depositor is also eligible for partial withdrawal and section 80C Income Tax Act.
Benefits Of Mahila Samman Saving Certificate
- Women can withdraw money without any penalty
- Scheme offer more returns than Bank FD or normal investment
- You can invest minimum 1000 in this scheme.
- Pre Mature withdrawal is also available.
Formula To Calculate Returns In Mahila Samman Saving Scheme
The formula to calculate the interest earned and maturity value of a deposit made under the Mahila Samman Savings Certificate (MSSC) scheme is here:
- Interest Earned = Principal * ((1 + (Rate of Interest / 400))^(4 * Tenure in years)) – Principal
- Maturity Value = Principal + Interest Earned
Example –
- Interest Earned = 200,000 * ((1 + (7.5 / 400))^(4 * 2)) – 200,000 = Rs 32,044
- Maturity Value = 200,000 + 32,044.335 = Rs 2,32,044
Interest Rate In MSSC
This scheme offers a fixed interest rate of 7.5% at the current time. Which is more than bank FD. Interest will be compounded quarterly.
How To Invest In Mahila Samman Saving Certificate Scheme
If you want to invest in this scheme, you can go to your nearest Post Office Bank or other bank and ask for this scheme form. Visit this official Post Office MSSC Scheme
- Account Opening Form
- KYC Document Aadhaar Card and PAN card
- KYC form for new account holder
- Pay-in-Slip along with deposit amount or cheque at nearest post office.
Get the Scheme form from Local Post office any approved bank. You will get a certificate of this scheme.
Which banks are offering Mahila Samman Savings Certificate?
- Bank of Baroda.
- Canara Bank.
- Bank of India.
- Punjab National Bank.
- Union Bank of India.
- Central Bank of India.
- India Post.
Eligibility
Deposit can only be made under a woman or girl name. The guardian can also invest on behalf of a minor girl.
Limits
You can deposit Minimum 1,000 and Max 2,00,000 for 2 years. MSSC Scheme is only Valid till 2025. Multiple accounts is allowed but max investment is Rs 2,00,000.
Withdrawal
40% withdrawal is eligible after one year of account opening.
How To Use Mahila Samman Saving Certificate Calculator – MSSC
- Enter Investment Amount
- Enter Interest Rate
- Enter Tenure
This will show you the results.
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FAQ
How To Apply In Mahila Samman Saving Certificate?
You can go to your nearest Post Office or bank to apply in this scheme.
What is the Difference Between Mahila Samman Saving Certificate Scheme And Bank FD?
You will get 7.5% returns in MSSC Scheme, but lower in Fixed Deposit, also MSSC is only for girls & women.
What Is The Interest Rate In Mahila Samman Savings Scheme?
Current ROI is 7.5% in MSSC.
Who is eligible for Mahila Samman Savings Certificate?
Mahila Samman Savings Certificate can only be issued in the name of a girl child or a woman. The legal guardian of a minor girl can also open an account in the name of the child.
Is Mahila Samman Saving Certificate Tax Free?
No, MSSC is not tax free. You have to pay tax on its profit.
Is Mahila Samman a one-time investment?
Yes, this scheme is valid till March, 2025.
What documents are required to open an account?
A passport-size photograph, proof of age, Aadhaar card, PAN card, pay-in slip with the deposit amount or cheque, and valid identification and address proof.
How much can be withdrawn before maturity?
You can withdraw up to 40% after 1 year of account opening.
Can the MSSC account be closed prematurely?
Yes, you can only close this account in emergency situations or after six months of account opening.
What is the minimum and maximum investment in MSSC?
Minimum is 1000 and Maximum is 2 Lakh rupees.