Mahila Samman Savings Certificate: The new financial year 2023-24 is going to start from April 1, 2023. Presenting the budget on February 1, 2023, Finance Minister Nirmala Sitharaman had announced a special deposit scheme for women, now women can take advantage of it. The Finance Ministry has issued a gazette notification regarding the Mahila Samman Saving Certificate Scheme.
According to the notification issued by the Ministry of Finance, in the Mahila Samman Saving Certificate Scheme, women will get 7.5 percent interest only on two-year deposits. If you look at the details of this scheme, only women can open accounts under the Mahila Samman Saving Certificate Scheme. Or guardians can open accounts in the name of a minor girl. An account can be opened in the name of a woman or a minor girl in this scheme till March 31, 2025.
According to the notification, a minimum deposit of Rs 1,000 to a maximum of Rs 2 lakh can be made in the account of Mahila Samman Saving Certificate Scheme. Also, in this scheme, the account holder should be a single account holder. 7.5 percent interest annually will be given to the investors of the scheme and the interest amount will be transferred to the account after every quarter.
After the maturity of the scheme after two years, the amount will be given to the account holder after filling the Form-2 application. After the completion of one year of the scheme period, the account holder will have the option to withdraw 40 percent of the amount. If the account holder is a minor, then the guardian can withdraw the amount after maturity after filling Form-3.
The account of Mahila Samman Saving Certificate Scheme cannot be closed before maturity. Although some concessions have been given in the rules. In which the account holder dies when the account can be closed. Either the account holder is seriously ill or the guardian of the minor dies or it is not financially possible to continue the account and the bank or post office agrees to the account holder’s concerns, the account holder can close the account. But premature account can be closed only after 6 months.
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