Mahila Samman Savings Certificate Calculator

By onendfloan on Feb 27, 2024

Planning your financial future is a crucial step towards achieving your goals and aspirations. The Mahila Samman Savings Certificate Calculator is here to assist you in making informed decisions about your savings. This user-friendly tool allows you to estimate the growth of your savings under the Mahila Samman Savings Certificate, 2023 scheme.

How to Use the Calculator:

Enter Principal Amount: Begin by entering the amount you plan to deposit in the Mahila Samman Savings Certificate. The minimum deposit is Rs. 1,000, and it should be in multiples of Rs. 100, up to a maximum of Rs. 2 lakh.

Click Calculate: After entering the principal amount, simply click the "Calculate" button. The calculator will provide you with an estimate of the interest earned and the maximum withdrawal amount after the specified maturity period.

Understand Your Results: The calculator will display the interest earned after the chosen maturity period of two years. Additionally, it will show the maximum withdrawal amount, allowing you to plan for potential liquidity needs.
Why Use the Mahila Samman Savings Certificate Calculator:

Precision in Planning:

Get accurate estimates of your potential earnings, enabling you to plan your finances with confidence.
Quick and Easy:

The calculator is designed to be user-friendly, requiring minimal input to generate meaningful results.
Empower Yourself Financially:

By understanding the potential growth of your savings, you can make informed decisions that align with your financial goals.

Avoid manual calculations and save time by using this efficient online tool.

class MahilaSammanCalculator:
    def __init__(self, principal_amount):
        self.principal_amount = principal_amount
        self.rate_of_interest = 7.5  # Interest rate per annum
        self.compounding_frequency = 4  # Quarterly compounding
        self.minimum_amount = 1000
        self.maximum_balance = 200000

    def calculate_interest(self, years):
        n = self.compounding_frequency * years
        r = self.rate_of_interest / (100 * self.compounding_frequency)
        amount = self.principal_amount * ((1 + r / self.compounding_frequency) ** n)
        interest_earned = amount - self.principal_amount
        return interest_earned

    def calculate_withdrawal_amount(self, years):
        eligible_balance = self.calculate_interest(years)
        withdrawal_amount = 0.4 * eligible_balance
        return withdrawal_amount

# Example Usage
if __name__ == "__main__":
    principal_amount = float(input("Enter the principal amount (Minimum 1000, Maximum 200000): "))

    # Validate input within the allowed range
    if principal_amount < 1000 or principal_amount > 200000:
        print("Invalid principal amount. Please enter an amount between 1000 and 200000.")
        calculator = MahilaSammanCalculator(principal_amount)
        years = 2  # Maturity period is 2 years

        interest_earned = calculator.calculate_interest(years)
        withdrawal_amount = calculator.calculate_withdrawal_amount(years)

        print(f"\nInterest Earned after {years} years: Rs. {interest_earned:.2f}")
        print(f"Maximum Withdrawal Amount after {years} years: Rs. {withdrawal_amount:.2f}")


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