Post Office Mahila Samman Savings Certificate (Mahila Samman Bachat Patra):Launched in April 2023, the Mahila Samman Savings Certificate scheme is a women-focused government-guaranteed small savings scheme aimed at promoting the financial growth of women. The Mahila Samman Savings Certificate, also known as Mahila Samman Bachat Patra, is available at post offices, PSU banks as well as select private banks. A limited-period small savings scheme, the Mahila Samman Savings Certificate is available up to March 31, 2025.
The Post Office Mahila Samman savings scheme allows eligible customers to open multiple accounts amounting up to Rs 2,00,000, according to the India Post website, indiapost.gov.in.
Here are 10 key things to know about the Mahila Samman Savings Certificate scheme, as per the India Post portal:
1. Who can set up a Mahila Samman Savings Certificate account?
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Women can invest in the certificate scheme for themselves or on behalf of a minor girl child.
2. Mahila Samman Savings Certificate interest rate
The Mahila Samman savings scheme offers an annual turn of 7.5 per cent, compounded quarterly, as of the quarter ending March 31, 2024. This essentially means that a deposit of Rs 10,000 in the scheme grows to Rs 11,602 in two years.
3. Maturity period
The Mahila Samman Bachat Yojana (Mahila Samman Savings Scheme) matures in a period of two years from the date of opening the account.
4. How to open an account?
Eligible individuals can set up a Mahila Samman Savings Certificate account by submitting the application form along with KYC documents (Aadhaar and PAN), a pay-in slip and the money to be invested in cash or cheque at the post office.
5. How is the interest paid?
Upon maturity, the total amount (the principal as well as the interest) is credited into the account of the depositor.
6. Minimum investment
The Mahila Samman Savings Certificate scheme allows a minimum investment of Rs 1,000 to set up an account.
7. Maximum investment
An upper limit of Rs 2 lakh is applicable per customer across accounts.
Each account is allowed only one deposit, which has to be in a multiple of Rs 100.
8. Are multiple accounts allowed?
The Mahila Samman Savings Certificate scheme allows multiple accounts by the same depositor with a minimum gap of three months.
9. Is partial withdrawal permitted in Mahila Samman Savings Certificate scheme?
Up to 40 per cent of the balance can be withdrawn after the completion of one year from the date of opening.
10. Premature closure
One can even close a Mahila Samman Savings Certificate account prematurely after the completion of six months from the date of opening. However, a premature closure leads to a 200 basis points (two percentage points) decrease in the applicable interest rate.
Meanwhile, here's the complete list of interest rates applicable to various small savings schemes available at post offices, for the quarter ending March 31, 2024:
| Instrument | Interest rate | Compounding Frequency |
| Post office savings account | 4% | Annually |
| One-year time deposit | 6.9% | Quarterly |
| Two-year time deposit | 7.0% | Quarterly |
| Three-year time deposit | 7.1% | Quarterly |
| Five-year time deposit | 7.5% | Quarterly |
| Five-year recurring deposit scheme | 6.7% | Quarterly |
| Senior Citizen Savings Scheme | 8.2% | Quarterly and Paid |
| Monthly Income Account | 7.4% | Monthly and paid |
| National Savings Certificate (VIII Issue) | 7.7% | Annually |
| Public Provident Fund (PPF) Scheme | 7.1% | Annually |
| Kisan Vikas Patra | 7.5% | Annually |
| Mahila Samman Savings Certificate | 7.5% | Quarterly |
| Sukanya Samriddhi account | 8.2% | Annually |
| (Source: indiapost.gov.in) | ||
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