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Earn 7.5% Interest Today! Check How to Invest in Mahila Samman Saving Certificate

India's Budget 2023 has introduced a new small savings program called the Mahila Samman Saving Certificate, aimed at encouraging investments, with a minimum investment amount of Rs 1,000 and a maximum investment limit of Rs 2 lakh. Women can open an account on their own behalf or on behalf of a minor girl under their guardianship, with an interest rate of 7.5% annually.

Eashani Chettri
The deposit matures two years following the deposit date, and the account holder may withdraw up to 40% of the balance
The deposit matures two years following the deposit date, and the account holder may withdraw up to 40% of the balance

India's Budget 2023 has introduced a new small savings program, called the Mahila Samman Saving Certificate, aimed at encouraging investments. Women can open an account on their own behalf or on behalf of a minor girl under their guardianship. The minimum investment amount is Rs 1,000, with a maximum investment limit of Rs 2 lakh.

The Post Office or any authorized bank can open an account under this program; the account will be of the single holder type.

Here is some key information about the Mahila Samman Savings Certificate, 2023, according to the official government announcement.

Who may create an account with Mahila Samman Savings?

A woman may open a Mahila Samman Savings account on her own behalf or on behalf of a minor girl by her guardian. Form I must be completed by female investors by the deadline of March 31, 2025.

Limit of Mahila Savings Certificate:

The Mahila Samman Savings Certificate scheme has a minimum investment amount of Rs 1000, and any subsequent deposit must be in multiples of one hundred rupees. Additionally, once an account has been opened, no further deposits are allowed. The maximum investment limit allowed under this scheme is Rs 2 lakh.

Interest rate:

Deposits made through this program will earn interest at a rate of 7.5% annually. The account will be credited with the quarterly compounded interest. The interest payable to the account holder in respect of any account formed or deposit made that is not in accordance with the rules of this Scheme shall be payable at the rate applicable to the Post Office Savings Account, according to the Ministry of Finance notification dated March 31, 2023.

Payment After Maturity:

The deposit matures two years following the deposit date, at which point the account holder may request the remaining funds by completing a Form-2 application to the accounts office. For calculating the maturity value, every fraction of a rupee that is not exactly one rupee will be rounded up to the closest rupee. Any amount that is fifty paisa or more counts as one rupee in this calculation; any quantity that is less than fifty paisa is not taken into account.

Account Withdrawal:

The account holder may withdraw up to 40% of the balance by completing a Form-3 application after the first year from the date of account opening but before the account matures.

Premature account closure:

The account may not be canceled before it reaches maturity unless one of the following circumstances occurs: the account holder's death. The post office or bank in question may, after careful documentation, by order, and for reasons that will be documented in writing, permit the account to be prematurely closed when it determines that the operation of the account is putting the account holder through undue hardship due to extremely compassionate circumstances, such as medical support for the account holder's life-threatening illnesses or the death of the guardian.

Interest on principle will be paid at the rate in effect for the Term for which the account has been kept when an account is prematurely closed. Any time after six months from the date the account was opened, an account may be prematurely closed for any cause other than those indicated. In this instance, the balance in the account would only be eligible for interest at a rate that was 2% lower than the rate specified in this Plan.

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