2023 Mahila Samman Savings Certificate

The Mahila Samman Savings Certificate, 2023 is a program that began on March 31, 2023. It is a tiny savings system aimed solely at women. Deposits made under this Scheme will earn interest at a rate of 7.5% per year.

Beneficiaries who are eligible
All women, or a guardian acting on behalf of an underage girl.

Concerning the scheme
An application for opening an account under this Scheme must be made to the Account Office in Form – I by a woman for herself, or by the guardian on behalf of a minor girl, on or before March 31, 2025.
An account opened under this Scheme must be of the single holder type.
Deposits.
An individual may open any number of accounts, subject to a maximum deposit limit of Rs 2 lakhs, with a three-month gap between the existing account and the establishment of another account.
A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account, with no subsequent deposits permitted.
Interest.
Deposits made under this Scheme will earn interest at a rate of 7.5% per year.
Interest will be accumulated and credited to the account every quarter.
Maturity payment
The deposit will mature two years from the date of deposit, and the Eligible Balance will be paid to the account holder upon submission of an application in Form-2 to the accounts office on maturity.
Withdrawal from a bank account
The account holder may withdraw up to 40% of the Eligible Balance once after one year from the date of creating the account but before the account matures by submitting Form-3.
In the case of an account opened on behalf of a minor girl, the guardian may seek a withdrawal for the minor girl’s benefit.
The account was closed prematurely.
The account shall not be closed before maturity except in the following circumstances: death of the account holder; where the post office or the bank concerned is satisfied, in cases of extreme compassion such as medical support in life-threatening diseases of the account holder or death of the guardian, that the operation or continuation of the account is causing undue hardship to the account holder.
When an account is closed prematurely, interest on the principal amount is payable at the rate applicable to the Scheme for which the account was kept.
Premature closing of an account is permitted at any moment after six months from the date of account opening.
Premature account closure is only eligible for interest rates that are 2% lower than the rate indicated in this Scheme.
Agency fees are due to the Department of Posts and licensed banks.