Mahila Samman Savings Certificate Scheme 2023
Mahila Samman Savings Certificate Scheme 2023 has been notified w.e.f. 31.03.2023 by the Ministry of Finance.
I. Application for opening an account
An application for opening an account under this Scheme shall be made by a woman for herself, or by the guardian on behalf of a minor girl to the Account Office in Form -I, on or before the 31st March, 2025. An account opened under this Scheme shall be a single holder type account.
II. Deposits:
An individual may open any number of accounts but maximum limit is two lakh rupees and a time gap of three months shall be maintained between the existing account and the opening of other account. A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account and no subsequent deposit shall be allowed in that account.
Interest:
The deposits made under this Scheme shall bear interest at the rate of 7.5 per cent. per annum. The Interest shall be compounded on quarterly basis and credited to the account. The interest payable to the account holder in respect of any account opened or deposit made in violation of the Scheme shall be payable at the rate applicable to the Post Office Savings Account.
Payment on maturity:
The deposit shall mature on completion of two years from the date of the deposit and the Eligible Balance may be paid to the account holder on an application in Form-2.
Withdrawal from account:
The account holder shall be eligible to withdraw maximum up to forty per cent. of the Eligible Balance once after the expiry of one year from the date of opening of the account but before the maturity of the account by making application in Form-3. In case of an account opened on behalf of a minor girl, the guardian may apply for the withdrawal for the benefit of the minor girl by submitting the prescribed certificates.
Premature closure of account:
The account shall not be closed before maturity only on the death of the account holder or extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian. On premature closure, interest on principal amount shall be payable at the rate applicable to the Scheme for which the account has been held. Premature closure of an account may be permitted, any time after the completion of six months from the date of opening of an Account.
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