Post Office Scheme For Women: Turn Your Savings Into Lakhs In Just Two Years

The Central Government has introduced various schemes to provide financial assistance to the people of the country, targeting women, youth, and senior citizens. Among these, several are managed through the post office, including a notable scheme that offers Rs 2.32 lakh in just two years under the small savings category.

These post office schemes are known for their minimal risk, tax benefits, monthly earnings, and guaranteed returns. Some are specifically designed for retirement, ensuring financial support post-retirement. One such scheme, the Mahila Samman Saving Certificate Scheme , is tailored for women. Here’s everything you need to know about it:

Scheme Overview

The Mahila Samman Saving Certificate Scheme is a government initiative aimed at providing financial assistance to women. Under this scheme, women can deposit amounts ranging from Rs 1,000 to Rs 2 lakh, in multiples of Rs 100. Multiple accounts can be opened, provided the total deposit does not exceed Rs 2 lakh. There must be a three-month gap between opening each new account.

Interest Earnings

This scheme offers an interest rate of 7.5 percent per annum, credited quarterly. The maturity period is two years, but after one year, up to 40 percent of the deposited amount can be withdrawn. The partial withdrawal option is available only once before the account matures.

Maturity Benefits

Investing the maximum amount of Rs 2 lakh in this scheme will yield Rs 32,044 in interest over two years at a 7.5 percent annual rate. Therefore, the total maturity amount received after two years would be Rs 2,32,044.

Terms and Conditions

In the event of the account holder's death, the nominee or family members can withdraw the deposited amount. Funds can also be withdrawn for medical emergencies involving life-threatening illnesses. The account can be closed after six months from the date of opening, though the interest rate will be reduced by 2 percent if closed early.