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Mahila Samman Savings Certificate

Mahila Samman Savings Certificate Calculator India 2026

Calculate returns on Mahila Samman Savings Certificate - Women's empowerment scheme with 7.5% interest compounded quarterly.

Government Guaranteed
7.5% Annual Returns
2 Year Tenure
Women & Girl Children Only
Investment Details
₹1,000 - ₹2L
₹

One Lakh rupees

₹1,000₹2L
Fixed: 7.5%
%

Mahila Samman Savings Certificate offers fixed 7.5% interest compounded quarterly

Fixed Tenure

2 years (24 months) - Fixed and non-extendable

Scheme Closed for New Accounts

Mahila Samman Savings Certificate scheme is closed for new accounts as of March 31, 2025. This calculator is for reference and for those with existing accounts.

For tax calculation on interest income (Mahila Samman does NOT qualify for Section 80C)

Mahila Samman Scheme Key Benefits

Government Guaranteed

Backed by Government of India with 100% capital safety

Fixed Returns

7.5% interest rate compounded quarterly for 2 years

Women Empowerment

Exclusively for women and girl children of all ages

Popular Investment Examples

₹25,000 Investment

Maturity:₹28,966
Interest:₹3,966

₹50,000 Investment

Maturity:₹57,933
Interest:₹7,933

₹1,00,000 Investment

Maturity:₹1,15,865
Interest:₹15,865

₹2,00,000 (Max)

Maturity:₹2,31,730
Interest:₹31,730

*Calculations based on 7.5% p.a. compounded quarterly for 2 years. Interest is taxable.

Mahila Samman Calculation Formula

Understand how maturity amount and interest are calculated with quarterly compounding at 7.5% per annum.

Maturity Amount = P × (1 + r/4)^(4×t)

Example:

For ₹1,00,000 at 7.5% p.a. for 2 years (quarterly compounding)

1,00,000 × (1 + 0.075/4)^(4×2) = 1,00,000 × (1.01875)^8
= ₹1,15,865

Variables:

P - Principal (initial deposit amount)
r - Annual interest rate (in decimal, e.g., 0.075 for 7.5%)
t - Tenure in years (fixed at 2 years)
4 - Number of compounding periods per year (quarterly)

Total Interest = Maturity Amount − P

Example:

Using the maturity from the previous example

₹1,15,865 − ₹1,00,000
= ₹15,865

Variables:

Maturity Amount - Calculated maturity value with compound interest
P - Principal deposit amount

Partial Withdrawal = [P × (1 + r/4)^4] × 0.40

Example:

For ₹1,00,000 at 7.5% p.a. after 1 year

[1,00,000 × (1.01875)^4] × 0.40 ≈ 1,07,690 × 0.40
= ₹43,076

Variables:

P - Principal amount
r - Annual interest rate
0.40 - 40% withdrawal allowed

These formulas provide the mathematical foundation for the calculations. Actual results may vary based on rounding, compounding frequency, and specific lender policies.

When to Choose Mahila Samman Savings Certificate

MSSC Would Have Been Ideal For:

  • Women Seeking Safe Investments

    Women of all ages looking for government-guaranteed returns with capital safety

  • Short-Term Savers (2 Years)

    Those comfortable locking funds for 2 years with fixed returns

  • Those Needing Partial Withdrawal Option

    Investors who might need 40% of corpus after 1 year for emergencies

  • Girl Child Education Planning

    Parents saving for girl child's short-term education needs

Better Alternatives Were/Are Available When:

  • Seeking Tax Benefits

    MSSC had NO Section 80C benefits; consider PPF or SSY for tax savings

  • Long-Term Wealth Creation

    For 10+ years goals, consider PPF (15 years), SSY (21 years) with better benefits

  • Tax-Free Interest Income

    MSSC interest was taxable; PPF and SSY offer tax-free returns (EEE status)

  • Scheme Now Closed

    MSSC closed on March 31, 2025; consider FD, RD, or other post office schemes

Tax Implications - Important
NO Tax Benefits
  • Investment: NO deduction under Section 80C for deposits
  • No Tax-Free Interest: Unlike PPF/SSY, interest is fully taxable
  • Not EEE: Scheme does not have Exempt-Exempt-Exempt status
Tax Considerations
  • Interest Taxable: All interest earned is taxable as per your income tax slab
  • Report in ITR: Include interest under "Income from Other Sources"
  • TDS: No specific TDS provisions mentioned for MSSC
  • Maturity Principal: Principal amount at maturity is not taxable (return of capital)

Key Difference: Unlike PPF (which offers Section 80C + tax-free interest + tax-free maturity), MSSC offered NO tax benefits. This made it less attractive from a tax planning perspective, but it provided government safety with partial withdrawal flexibility for 2 years.

Withdrawal Terms & Conditions

Partial Withdrawal (After 1 Year)

  • • Amount: Up to 40% of corpus (principal + accrued interest)
  • • Timing: Allowed after 1 year from account opening
  • • Frequency: One-time withdrawal only (not multiple)
  • • Penalty: No penalty on partial withdrawal
  • • Continuation: Remaining balance continues to earn interest till maturity

Premature Closure (After 6 Months)

  • • Minimum Period: Can close after 6 months from opening
  • • Penalty: 2% reduction in interest rate for the period held
  • • Example: If you close after 1 year, you'll earn 5.5% instead of 7.5%
  • • Before 6 Months: Not allowed (except in case of death)
  • • Impact: Significantly reduces returns - avoid if possible

Maturity Withdrawal (After 2 Years)

  • • Full Amount: Principal + accumulated interest without penalty
  • • Payment Mode: Cash (below ₹20,000) or cheque/bank transfer
  • • Extension: Not available - account closes at maturity
  • • Reinvestment: Could open new MSSC account (when scheme was active)
Nomination & Death Benefits

Importance of Nomination

Nomination is mandatory for MSSC accounts to ensure smooth transfer of funds to your loved ones in case of demise. You can nominate one or more persons and specify the share for each nominee.

  • Nomination can be made at the time of account opening
  • Can be changed anytime by submitting prescribed form
  • In case of death, nominee receives principal + interest till date
  • No penalty for premature closure due to death of account holder
  • For minor girl children, guardian acts as custodian till she becomes major

Important: Without nomination, legal heirs need to provide succession certificate or legal evidence, which can be time-consuming and expensive. Always add a nominee at the time of account opening! For minor nominees, a guardian must be appointed.

How to Open MSSC Account (Reference)

Note: Scheme closed on March 31, 2025. This information is for reference only.

Where to Open (When Active)

  • • Post Offices (all branches)
  • • Authorized Public Sector Banks
  • • Select Private Banks (SBI, PNB, etc.)
  • • India Post online portal (select branches)

Required Documents

  • • PAN Card (Mandatory for ₹50,000+)
  • • Aadhaar Card
  • • Address Proof
  • • Age Proof (Birth Certificate for minors)
  • • Passport-size photographs (2)
  • • Account Opening Form
  • • Nomination Form
  • • Initial deposit (₹1,000 to ₹2,00,000)

Eligibility Criteria

  • • Indian women (all ages)
  • • Girl children (all ages)
  • • Guardian can open for minor girls
  • • Only one account per woman/girl
  • • NRIs not eligible
  • • Men not eligible
  • • HUF/Companies not eligible
Eligibility & Investment Limits

Who Could Invest

  • Indian women of all ages (no age limit)
  • Girl children of all ages (including infants)
  • Guardian/parent can open account for minor girls
  • NRIs, men, HUFs, companies, trusts NOT eligible

Investment Limits

  • Minimum: ₹1,000
  • Maximum: ₹2,00,000 (2 lakhs)
  • Deposits in multiples of ₹100
  • Only one account per woman/girl (total limit ₹2L)

Women Empowerment Initiative: MSSC was launched as part of the government's initiative to promote financial independence and empowerment of women and girl children. The scheme aimed to encourage savings habits among women across all age groups and economic backgrounds.

Mahila Samman Calculator FAQs

Everything you need to know about Mahila Samman Savings Certificate, eligibility, returns, and tax implications

What is Mahila Samman Savings Certificate (MSSC)?

Mahila Samman Savings Certificate (MSSC) was a government-backed savings scheme exclusively for women and girl children. It offered 7.5% per annum interest compounded quarterly with a fixed 2-year tenure. The scheme was launched to promote women's financial empowerment and was available from April 2023 to March 31, 2025. The scheme is now closed for new accounts but existing accounts will continue till maturity.

What is the current Mahila Samman interest rate?

The Mahila Samman Savings Certificate offered a fixed 7.5% per annum interest rate, compounded quarterly. This rate was guaranteed for the entire 2-year tenure and was not subject to quarterly revisions like other post office schemes. The scheme is now closed for new accounts as of March 31, 2025.

Who is eligible for Mahila Samman Savings Certificate?

Only women and girl children were eligible to open MSSC accounts. There was no minimum or maximum age limit. For minor girls, the account could be opened by their parent or legal guardian. Only one account per woman/girl child was allowed. NRIs, men, HUFs, and companies were not eligible. The scheme is now closed for new accounts.

What is the minimum and maximum deposit for MSSC?

The minimum deposit was ₹1,000 and the maximum deposit was ₹2,00,000 (2 lakhs) per woman/girl child across all MSSC accounts. Deposits had to be made in multiples of ₹100. This was the total limit - you could not open multiple accounts to exceed ₹2 lakhs. The scheme is now closed for new accounts.

What is the tenure of Mahila Samman Savings Certificate?

Mahila Samman Savings Certificate had a fixed tenure of 2 years (24 months) from the date of account opening. Unlike some other schemes, no extension was possible after maturity. The account would close automatically at maturity, and the maturity amount (principal + interest) would be paid out.

Can I withdraw money from MSSC before maturity?

Yes, partial withdrawal was allowed. You could withdraw up to 40% of the corpus (principal + accrued interest) after 1 year from account opening. This was a one-time withdrawal with no penalty. For premature closure, the account could be closed after 6 months but with a 2% penalty on the interest rate for the period held.

What are the tax implications of MSSC?

MSSC had NO tax benefits under Section 80C for the principal invested. The interest earned was fully taxable as per your income tax slab under 'Income from Other Sources'. There were no specific TDS provisions mentioned for MSSC. The maturity amount (principal portion) was not taxable as it's return of capital. This made it less tax-efficient compared to PPF or SSY.

How is interest calculated in MSSC?

Interest in MSSC was calculated using compound interest with quarterly compounding. The formula was: Maturity = P × (1 + r/4)^(4×t), where P = Principal, r = annual rate (7.5%), t = tenure in years (2). For example, ₹1,00,000 would grow to approximately ₹1,15,865 after 2 years, earning ₹15,865 in interest. The quarterly compounding made it more beneficial than simple interest schemes.

What happens to the MSSC account after the account holder's death?

In case of the account holder's demise, the account could be closed prematurely without any penalty. The nominee or legal heir would receive the principal amount along with interest accrued till the date of death. It was crucial to add a nominee while opening the account. For minor girl children, if the guardian passes away, the new guardian can continue managing the account until the child becomes major.

Can I have multiple MSSC accounts?

No, only one MSSC account per woman/girl child was allowed. The maximum investment limit of ₹2,00,000 applied across all MSSC accounts in your name. You could not open multiple accounts to exceed this limit. However, you could have other post office savings schemes (like PPF, SSY, etc.) alongside MSSC.

How does MSSC compare with Sukanya Samriddhi Yojana?

MSSC offered 7.5% interest for 2 years to all women/girls with no age limit. SSY offers higher 8.2% interest for 21 years but only for girl children below 10 years. SSY has Section 80C benefits and tax-free interest (EEE status), while MSSC had no tax benefits. MSSC allowed 40% partial withdrawal after 1 year, SSY allows withdrawals after age 18. For long-term girl child savings with tax benefits, SSY is better. For short-term savings for adult women, MSSC was suitable (now closed).

What documents are required to open MSSC account?

Required documents included: Identity proof (Aadhaar card, PAN card, voter ID, passport), Address proof (Aadhaar, utility bills, passport), Age proof (birth certificate, school certificate), Passport-size photographs (2-3 photos), Account opening form, Initial deposit (minimum ₹1,000 in cash/cheque/DD), and Nomination form. PAN card was mandatory for deposits above ₹50,000. Note: The scheme is now closed for new accounts.

Where can I open MSSC account?

MSSC accounts could be opened at: Post Offices (Head Post Office, Sub Post Office), Authorized banks (select public sector banks like SBI, PNB, etc.), and some branches offered online account opening through India Post website. However, the scheme is now closed for new accounts as of March 31, 2025. Existing accounts will continue till maturity.

What is the maturity amount for ₹1 lakh in MSSC?

If you invested ₹1,00,000 in MSSC at 7.5% p.a. compounded quarterly for 2 years, you would receive approximately ₹1,15,865 at maturity. This includes your ₹1,00,000 principal plus ₹15,865 interest. The effective annual yield would be approximately 7.71% due to quarterly compounding. Remember, the interest earned is taxable as per your income tax slab.

What is the maturity amount for ₹2 lakh in MSSC?

For the maximum investment of ₹2,00,000 in MSSC at 7.5% p.a. compounded quarterly for 2 years, you would receive approximately ₹2,31,730 at maturity. This includes your ₹2,00,000 principal plus ₹31,730 interest. This was the maximum return possible from a single MSSC account. The scheme is now closed for new accounts.
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