New Delhi: The government has issued a notification stating that both public sector banks and private banks, including ICICI Bank, Axis Bank, HDFC Bank, and IDBI Bank, have been authorized to facilitate and open accounts for the Mahila Samman Savings Certificate, 2023.
As per the official gazette notification dated June 27, 2023, “The Central Government specifies that, with the publication of this notification in the Official Gazette, all public sector banks and ICICI Bank, Axis Bank, HDFC Bank Ltd., and IDBI Bank are authorized to operate the Mahila Samman Savings Certificate, 2023 scheme.”
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Mahila Samman Savings Scheme:
The Mahila Samman Savings Certificate is a special savings scheme introduced by the government in the 2023 Budget to encourage women to invest. It is a one-time savings opportunity.
Interest Rate:
This government-backed scheme offers a fixed interest rate of 7.5 per cent to women. The interest will be compounded quarterly and credited to the account. It will be paid at the time of account closure.
Tenure:
The scheme is available for a period of two years, starting from April 1, 2023, to March 31, 2025. Investments in this scheme will not be accepted after this timeframe.
Eligibility to Open Mahila Samman Savings:
Women can open an account under the Mahila Samman Savings scheme either for themselves or on behalf of a minor girl with the guardian’s authorization.
Minimum Deposit:
The minimum deposit required for this scheme is Rs 1000, while the maximum limit is set at Rs 2 lakh per account or across all accounts held by an account holder. It is important to maintain a three-month gap between opening a new account and any existing account.
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Withdrawal:
After one year from the date of opening the account, the government allows a withdrawal of 40 per cent of the eligible balance.
Delayed Remittance:
In case of delays in remittance, the bank will pay a penalty equivalent to the interest rate payable to the depositor plus an additional 0.5 per cent for delays up to thirty days. For delays beyond thirty days, the penalty will be 1 per cent.
