Mahila Samman Savings Certificate a new small savings scheme specially designed for women investors to encourage investments, was introduced in the Budget 2023. The scheme is now under effect, as the government informed via a gazette notification issued on March 31, 2023. This account can be opened in the Post Office or any authorized bank.
Who Can Open This Account?
The Mahila Samman Savings account can be opened by a woman for herself, or by the guardian on behalf of a minor girl. The account opened under this scheme will be a single holder type account. Women investors have to fill form-I, on or before March 31, 2023.
Benefits Of Holding This Account
The minimum amount to be invested is Rs 1000 and any sum in multiples of one hundred rupees may be deposited in an account. Under this investment scheme, the maximum investment limit allowed is Rs 2 lakh.
The deposit made under this scheme will fetch interest at the rate of 7.5 per cent per annum. The interest will be compounded quarterly and will be credited to the account.
According to the Ministry of Finance notification dated March 31, 2023, “The interest payable to the account holder in respect of any account opened or deposit made which is not in consonance with the provisions of this Scheme shall be payable at the rate applicable to the Post Office Savings Account.”
Maturity And Withdrawal
The deposit matures after two years from the deposit date, and the account holder may receive the balance by submitting an application in Form 2 to the accounts office at that time.
The withdrawal can be done any time after the first year from the date of account opening but before the account’s maturity, the account holder can withdraw a maximum of 40 per cent of the balance by submitting a Form-3 application.
Closure Of The Account
The account cannot be close before the maturity except in special cases: death of the account holder, on compassionate grounds like medical emergency or death of the guardian.