The Mahila Samman Savings Certificate was announced in Budget 2023. It is a small savings scheme offered by the Government of India to women investors. It aims to instill the habit of saving among Indian women.
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Was Mahila Samman Savings Certificate extended in Budget 2024?
No, there was no announcement on Mahila Samman Savings Certificate in Budget 2024. For now, interest rate and deadline to invest will remain same as earlier.
Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate is a new government-backed scheme offering for women announced in Budget 2023. Note that the Mahila Samman Savings Certificate is a one-time scheme available for two years, from April 2023 to March 2025. The scheme has been in operation since April 1, 2023 through the Department of Post.
Through an e-gazette announcement published on June 27, 2023, the Department of Economic Affairs, Ministry of Finance, authorised all Public Sector Banks and qualified Private Sector Banks to adopt and operationalize the Mahila Samman Savings Certificate, 2023.
Apart from India Post, only few banks offer Mahila Samman Savings certificate. Those include Bank of Baroda, Canara Bank, Bank of India, PNB, and Union Bank of India.
Who can open Mahila samman savings scheme
It can be opened by a woman for herself or by the guardian on behalf of a minor girl.
Interest
Deposit will earn 7.5 per cent interest per annum. Interest will be compounded quarterly and credited in account and paid at the time of closure of account. In case any account opened or deposit made in-contravention of rules will be eligible for interest @ PO Savings Account.
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Withdrawal
After one year from the date of account, 40% withdrawal of eligible balance can be taken done.
Premature closure of account.
The account shall not be closed before maturity except in the following cases, namely:
(i) On the death of the account holder
(ii) On extreme compassionate ground (i) Life threatening decease of account holder (ii) death of the guardian on production of relevant documents.
Note:-Scheme interest will be paid on principal amount.
(iii) After six months of account opening without mentioning any reason.
Note:-Scheme interest less by 2 per cent will be paid e.g. 5.5%.
Payment on maturity
The deposit will mature after two years, and the account holder may request payment of the eligible balance by submitting Form-2 application to the accounts office at maturity.
How to open account
(i) Submit Account Opening Form, KYC Document (Aadhaar and PAN card) , KYC form for new account holder, Pay-in-Slip alongwith deposit amount/cheque at nearest post office.
