Mahila Samman Savings Certificate, 2023, is a small savings scheme offered by the Government of India to women investors. It aims to inculcate the habit of saving among Indian women. Note that Mahila Samman Savings Certificate is a one-time scheme available for two years from April 2023-March 2025. The scheme is applicable from April 1, 2023 through the Department of Posts.
Who can open an account
Any Indian woman of any age can open an account. However, male guardians can also open an account for their minor daughters. This scheme can also provide an opportunity for minor girls to invest in financial products.
Deposit Limit
-Minimum Rs. 1000/- and Maximum Rs. 200000/-
-Deposit amount should be in multiples of Rs. 100/-
-Only one deposit is allowed in one account.
There is no limit on the number of accounts for a single depositor, provided the cumulative amount in all the accounts under this scheme does not exceed ₹ 200000/-.
There should be a time gap of 3 months between opening of two accounts under this scheme for the same customer.
Rate of interest
-The interest rate in this scheme is 7.5% per annum.
-Interest will be compounded quarterly and credited to the account.
-Eligible interest will be paid at the time of closure/pre-closure/partial withdrawal of the account.
Rules of this scheme
-Medical assistance in case of life-threatening illness of the account holder.
-The death of the parent results in undue hardship in operating or continuing the account.
-For the above categories of pre-closure, interest will be payable on the principal amount at the rate of interest prescribed for the scheme.
– The account can be closed 6 months after opening the account without giving any reason. However, then the interest will be 2% less i.e. 5.5% interest will be given.
