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Mahila Samman Saving Scheme is a scheme of the Government of India. This scheme has been started by the Government of India only for women. This is a lump sum plan, which provides guaranteed income on maturity.
How to calculate interest earned on female savings
Interest earned on Mahila Savings Scheme will be paid on maturity, but the interest will be compounded on a quarterly basis. The total amount on investment in this scheme will be calculated using a simple interest rate formula. According to experts, compound interest is added to the invested money. Interest is calculated on this also in the same way as Fixed Deposit and Post Office Time Deposit program.
Total amount will be received
To calculate the interest earned on the invested amount, the simple interest formula is applied, multiplying the principal amount, the rate of interest and the tenure of the investment. For example, if you invest Rs 2 lakh, you will get an interest of Rs 3,750 after the first quarter. After re-investing this amount at the end of the second quarter, you will get an interest of Rs.3,820. Accordingly, when the bond matures, you will get a total of Rs 2,32,044.
Mahila Samman Savings Scheme Interest Rate
Between 2023 and 2025, Mahila Samman Savings Certificate is given for a period of two years. It offers a fixed interest rate of 7.5 per cent for two years. The interest rate on Mahila Samman Savings Certificate will be fixed at 7.5 per cent for the entire period of two years.
TDS will be applicable on interest
CBDT said in a notification on 16 May 2023 that no tax exemption is available on the interest earned from the scheme. If the interest earned from the scheme exceeds Rs 40,000 in a financial year. If the interest earned from the scheme exceeds Rs 40,000 in a financial year, TDS under section 194A will be applicable.
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