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Mahila Samman Savings Certificate (MSSC) Penalty Calculator

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.

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Pre-mature closure of Mahila Samman Savings Scheme can take place:

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
Details screen of Mahila Samman Savings Scheme Penalty Calculator
Details screen of Mahila Samman Savings Scheme Penalty Calculator on everyaisamatters.com

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.

Pre-mature closure screen of Mahila Samman Savings Scheme Penalty Calculator
Pre-mature closure screen of Mahila Samman Savings Scheme Penalty Calculator on everyaisamatters.com

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.
Result screen of Mahila Samman Savings Scheme Penalty Calculator
Result screen of Mahila Samman Savings Scheme Penalty Calculator on everyaisamatters.com

Amit Chopra

An Engineer by education and a financial enthusiast by passion, Amit formed an obsession with YouTube and Blogging related to Personal Finance, and Now Helping Beginners by making Money Matters Simpler.

Over last 18 years, he has created more than 10 sources of passive income and have been investing across various financial instruments for over 19+ years – with type of investments ranging across Fixed Deposits, Gold Bonds, NPS, Insurance, Mutual Funds, Real Estate, Crypto etc.

His YouTube Channel Every Paisa Matters is 90K+ Subscribers strong and has more than 50L visitors per year.

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