This Mahila Samman Savings Scheme Penalty Calculator will help you calculate the Penalty amount applicable on your investments in the MSSC scheme in case of Premature withdrawal.
The various features Mahilla Samman Savings Scheme has been explained in this post. The Returns of Mahila Samman Savings Certificate can be calculated using this calculator.
Pre-mature closure of Mahila Samman Savings Scheme can take place:
- On the death of the account holder
- On extreme compassionate ground (i) Life threatening decease of account holder (ii) death of the guardian on production of relevant documents.
Note:- Scheme interest will be paid on principal amount.
Mahila Samman Savings Scheme can also be prematurely closed after six months of account opening without mentioning any reason. In this case the scheme interest will be decreased by 2 and effective Interest rate will 5.5%.
How to use the Mahila Samman Savings Scheme Penalty Calculator?
Step 1 – Current MSSC details:
- Enter the amount of investment made under Mahila Samman Savings Certificate Scheme. The maximum amount for one person is ₹2,00,000.
- Enter the Start Date of your Mahila Samman Savings Certificate Scheme (MSSC)
- All other fields are read only and you cannot enter data or edit them
Step 2 – MSSC Pre-Closure details – Enter the date when you are planning to pre-close your Mahila Samman Savings Scheme. Note that minimum duration before pre-closure can happen is 6 months.
This MSSC calculator does not allow you to pick a pre-mature closure date less than 6 months from the date of opening of your investment in this scheme. All other fields on this screen are non-editable and auto-calculated.
Step 3 – Results – This screen provides the details such as
- Original Interest – Interest you would have received if the scheme would have run for entire duration of 2 years.
- Interest Amount for Reduced Duration 1 – This is the interest accrued on your MSSC deposit for the Reduced duration at Original Interest Rate of 7.5%
- Interest Amount for Reduced Duration 2 – This is the interest accrued on your MSSC deposit for the Reduced duration at Interest Rate applicable after penalty of 2% i.e. effective premature closure interest rate of 5.5%.
- Loss in Interest due to Penalty – This is the amount you will be losing due to premature closure of your Mahila Samman Savings Scheme.
Amit Chopra
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