Women Saving Scheme

Women Saving Schemes are government-sponsored programs designed to help women build their financial security. These schemes offer attractive interest rates, tax benefits, and flexible investment options, making them a valuable resource for women seeking to save for their future.

By taking advantage of these schemes, women can empower themselves and achieve their financial goals.

Mahila Samman Savings Certificate Scheme

The Mahila Samman Saving Scheme is a one-time small savings scheme introduced by the Government of India for women and girls with a maturity period of two years. The scheme was launched in the Union Budget 2023-24 to commemorate Azadi Ka Amrit Mahotsav.

The scheme offers an interest rate of 7.5% p.a. for a short period of 2 years making it an attractive scheme for women.

Eligibility for Mahila Samman Savings Certificate

Mahila Samman Saving Scheme helps women save and invest money. It considers factors like age, income, and employment to help women become financially independent.

The eligibility criteria of the Mahila Samman Saving scheme is simple:

  • It is open to women and girls of all age groups.
  • You can open an account in any post office or bank in India.

Interest Rates and Other Features of Mahila Samman Savings Certificate

Mahila Samman Saving Scheme offers great benefits for a scheme within a short period of time. It becomes a good savings option for women and girl children of all ages with a dynamic interest rate and features.

The table below shows the different information about Mahila Samman Saving Scheme:

Interest rate 7.5% p.a.
Maturity Period 2 years
Minimum deposit amount Rs 1000
Maximum Deposit Amount Rs 2 Lakh
Tax No tax is claimed for interest earned below 40,000

Mahila Samman Savings Certificate Calculator

Calculating the Mahila Samman Saving Scheme is a simple process, just by inputting information like tenure, interest rate and amount to be deposited you can know how much interest you would have earned.

The interest rate on the MSSC is 7.5% per annum, compounded quarterly. This means that the interest earned is calculated every three months and then added to the principal amount. The interest rate is fixed for the entire maturity period of two years.

To Calculate the Mahila Samman Savings Certificate manually use the following formula:

Maturity Amount = principal amount(1+interest rate/4)8


  • The principal amount is the amount you invest
  • The interest rate is 7.5% / 4 = 1.875%
  • 8 is the number of quarters in two years

You can also calculate using the calculator given below:

1,000 2,00,000
Invested Amount :  ₹20,0000
Est. Returns :  ₹32,044
Maturity Amount :  ₹2,32,044

Top Investment Schemes For Women

Investing can be an empowering tool for women to secure their financial future, achieve their long-term goals, and gain financial independence. Here are some of the top investment schemes for women in India:

1. Sukanya Samriddhi Yojana (SSY): This scheme is offered by the post office of India. The account can be opened for girl children and is specifically designed for girl children up to 10 years old. It offers attractive interest rates, tax benefits, and a long tenure of 21 years, making it an ideal option for parents planning for their daughter's education, marriage, or other expenses.

2. Public Provident Fund (PPF): A long-term investment scheme open to all Indian citizens, including women. With fixed interest rates and tax benefits, this is a popular choice for long-term wealth creation.

3. National Pension Scheme (NPS): NPS is a voluntary retirement savings scheme offering various investment options to suit different risk appetites. It provides tax benefits and allows for partial withdrawals before retirement, making it a flexible option for women planning for their future financial security.

4. Mutual Funds: Mutual funds offer a diversified portfolio of stocks, bonds, or other assets, managed by professional fund managers.

5. Fixed Deposits (FDs): FDs offer a safe and secure way to invest with guaranteed returns. They are suitable for women seeking regular income and low-risk investments. FD interest rates vary among banks and post offices, and tenure options are available to suit individual preferences.

6. Recurring Deposits (RDs): RDs encourage regular savings habits by allowing you to deposit fixed amounts at regular intervals. They offer a disciplined approach to investing and can help accumulate funds for specific goals.

Post Office Schemes For Girl Child

India Post or the Post Office of India offers various saving schemes to help financial freedom in girl children. With these schemes, it helps parents to save for the future of the girl child by investing a certain amount into the scheme.

Here is one of the prominent Post Office schemes for girl children:

Sukanya Samriddhi Yojana (SSY): It is a popular savings scheme for girl children. Parents or guardians can open an account for a girl child up to 10 years old. The scheme offers a fixed interest rate of 8% and a long tenure. Partial withdrawals are allowed for certain reasons. The entire amount is paid to the girl child when the scheme matures.

This post office saving scheme for women offers a number of benefits:

  • Attractive interest rate
  • Tax benefits
  • Secure investment
  • Flexible contribution options

Eligibility criteria:

  • The account can be opened by a parent or guardian for a girl child who is less than 10 years old on the date of account opening.
  • The account can be opened in any post office or bank in India.
  • The account holder must be a resident of India.


Interest Rate: 8% p.a.(compounded annually)

Maturity Period: 21 years

Minimum monthly contribution: Rs 250

Maximum annual contribution: Rs 1.5 lakh

Tax benefits: Contributions to SSY are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

It is fairly simple to calculate SSY. Use the formula below to calculate the maturity amount:

Maturity amount =
monthly deposit(1+interest rate) tenure- monthly deposit tenure

For example,
With a monthly deposit of Rs 500 for a tenure of 21 years and a fixed interest rate of 8% p.a., the money you receive at maturity will be:

Monthly deposit: Rs 500
Tenure: 21 years
Interest Rate: 8% p.a. = 0.08
(500 * 1 + 0.08)21)- 500 * 21 = 2,69,725

You will receive a maturity amount of Rs : 2,69,725
I.e -
Total Amount:Rs 90,000
Total Interest: Rs 1,79,725

Saving Schemes for Women Senior Citizen

The government of India offers several saving schemes for women and women senior citizens. These schemes are specifically designed in offering attractive interest rates, tax benefits, and flexible investment options to support their financial security during retirement.

Here are a few of the prominent schemes:

  • Mahila Samman Savings Certificate Scheme: This scheme can be used by any woman of 18 years and above.

Interest Rate:7.5% p.a.
Tenure: 5 years
Minimum Investment Limit: Rs 1000
Maximum Investment Limit: Rs 2 lakhs

  • Senior Citizen Savings Scheme (SCSS): Although this scheme is not specific to women, it can be taken up by any Indian citizen aged 60 years or above.

Interest Rate:8.2% p.a.
Tenure: 5 years (with an option to extend to 5 years)
Minimum Investment Limit: Rs 1000
Maximum Investment Limit: 30 lakhs

  • Post Office Fixed Deposits (FDs): Post Office FDs offer a variety of investment options for senior citizens, with tenures ranging from 6 months to 10 years. Interest rates are competitive, and the investments are safe and backed by the government.

Interest Rate:Up to 8% p.a. ( based on the type of FD)
Tenure: 5 years (with an option to extend to 5 years)
Minimum Investment Limit: Rs 1000
Maximum Investment Limit: Nil

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Frequently Asked Questions

A Women Saving Scheme is a government-sponsored program designed to encourage and support saving among women.

Yes, there are several savings schemes designed specifically for women in India, such as the Sukanya Samriddhi Yojana and the Mahila Samman Savings Certificate. These schemes offer attractive interest rates and tax benefits to encourage women to save for their future.

The key features of Women Saving Schemes include attractive interest rates, tax benefits, and eligibility restricted to women and girls.

Women Saving Schemes often offer higher interest rates and tax benefits compared to regular savings accounts, making them a more attractive option for women to save for their future.

Yes, most Women Saving Schemes in India are designed for all women, including minors, who can open an account through their guardians. Eligibility criteria may vary depending on the specific scheme.

Women Saving Schemes offer a range of benefits, including financial security, tax benefits, and higher interest rates, making them an attractive option for women to save for their future.

Yes, there are age restrictions for women to join some Women Saving Schemes. For instance, the Sukanya Samriddhi Yojana is open to girls below the age of 10, while the Mahila Samman Savings Certificate can be opened by any woman above the age of 18. The specific age restrictions vary depending on the scheme.

In India, Women Saving Schemes are offered by a variety of financial institutions, including Banks, Post Offices and Non-Banking Financial Companies (NBFCs)

The process for opening an account under a Women Saving Scheme varies depending on the specific scheme and the financial institution.

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