Mahila Samman Savings Scheme Calculator 2024

How to use Mahila Samman Saving Scheme Calcualtor?

Here’s the way to use Mahila Samman Saving Scheme Calculator.

It is quite simple to calculate maturity value after the tenure of Mahila Samman Savings Certificate Scheme has ended.

Step 1: Gather Necessary Information

Before using the Mahila Samman Saving Scheme Calculator, you need to collect these things:

1. Initial Deposit: The sum of money which you want to invest in this scheme.

2. Interest Rate: The annual rate at which interest is given; compounded quarterly (7.5% in our case).

3. Investment Tenure: The duration for which your money will remain invested (in our case it’s 2 years).

Step 2: Access the Calculator:

You can go on our website and use Mahila Samman Saving Scheme Maturity Calculator or bookmark this page for future reference.

Step 3: Input Details:

1. Enter the Initial Deposit: Enter the amount you plan on depositing into this scheme like Rs 10,000 or whatever it may be.

2. Enter the Interest Rate: As per current scenario its around 7.5%, so leave blank but if there are any changes related to interest rates of MSSC Scheme then we shall update it accordingly here itself..

3. Enter the Investment Tenure: Just remember that maturity period of MSSC scheme is two years hence no need to enter anything here..

Step 4: Calculate:

Once you input all required fields correctly, Mahila Samman Savings Scheme Calcualtor will automatically calculate all values such as maturity amount and interest earned etc..

Step 5: Review results

The calculator should display following details:

1) Total Interest Earned- This represents how much additional income can be generated from your initial investment during its term.

2) Maturity Amount – It shows final sum that you will receive upon completion of chosen investment timeframe along with earned profit over that particular period..

Step 6: Interpret Results:

Analyze the results to know about future growth pattern of your capital. Observe interest earned and maturity amount, so that you can decide whether Mahila Samman Savings Scheme fits into your financial planning or not.

Step 7: Adjust Inputs (Optional):

If desired, try variations by changing initial deposit in Mahila Samman Saving Scheme Calculator and see their impact on outcomes.

mahila samman scheme calculator

Mahila Samman Savings Certificate Scheme Features

The Mahila Samman Savings Certificate Scheme (MSSC) is designed to empower women financially by offering attractive interest rates and flexibility in deposits and withdrawals. Here’s a summary of key details:

Eligibility and Features:

  • Open to all women, including minors.
  • Offers an attractive interest rate of 7.5% compounded quarterly.
  • Minimum deposit of Rs 1,000, and maximum deposit of Rs 2 lakh across all accounts.
  • Fixed maturity period of 2 years.
  • Allows partial withdrawals after the first year.
  • Provides the option for premature closure under specific circumstances.
  • Taxation applies to interest earned.

Account Opening:

  • Women can open an MSSC account themselves or guardians can open on behalf of minors.
  • KYC documents required, including Aadhaar, PAN card, etc.
  • Submit an account opening form along with KYC documents and initial deposit.

Withdrawals and Closure:

  • After one year, eligible for withdrawal of up to 40% of the balance.
  • Premature closure allowed after six months without specifying a reason (interest rate of 5.5%).
  • Pre-mature closure possible due to life-threatening illness or death of account holder/guardian.
  • Maturity after 2 years, with accumulated funds paid to the depositor.

Comparison with PPF:

  • MSSC is for women with a 2-year maturity, while PPF is open to all with a 15-year maturity.
  • MSSC offers a maximum deposit of Rs 2 lakh, while PPF has a Rs 1.5 lakh annual limit.
  • MSSC permits partial withdrawals after the first year, whereas PPF allows it from the 7th year.
  • Taxation on MSSC interest, while PPF offers tax benefits under Section 80C and tax-free maturity.

Where to Open:

  • MSSC available at Post Offices and qualified Scheduled Banks.

More Information about Mahila Samman Saving Certificate Scheme

2 thoughts on “Mahila Samman Savings Scheme Calculator 2024”

  1. Thanks for MSSC calculator, please provide its excel version to download. I want to invest in this scheme. so it will be very easy for me to download excel tool for Mahila Saving scheme interest calculation on my laptop. Thanks

    Reply
    • Yes, piyush. We will update you whenever our MSSC excel calculator available. Please subscribe your email ID to get latest updates about Mahila SAving Scheme excel calculator. In the mean time you can use it. thanks

      Reply

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