Government Notifies Mahila Samman Savings Certificate 2023

G.S.R.237(E), dated 31-03-2023

The Ministry of Finance has notified “Mahila Samman Savings Certificate, 2023”. A woman can open accounts under this scheme for herself or on behalf of a minor girl. Application for account opening under this scheme can be furnished to the Account Office in Form-I on or before 31st March 2025.

Account can be opened by depositing a minimum amount of Rs. 1,000 subject to a maximum limit of Rs. 2,00,000 in an account. An individual can open any number of accounts under this scheme subject to the maximum limit of two lakh rupees. The scheme offers interest at the rate of 7.5% per annum on deposit. The interest shall be compounded on a quarterly basis and credited to the account.

The account holder is not eligible to withdraw any amount until the expiry of one year from the account’s opening date. After the expiry of 1 year but before the maturity, the depositor can withdraw a maximum of up to 40% of the eligible balance from the account.

The account opened under this scheme cannot be closed before maturity. However, in case of the account holder’s death or extreme compassionate grounds involving medical support in life-threatening diseases, premature closure of the account is allowed.

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