Mahila Samman Savings Certificate
Department Of Economic Affairs
Last updated:
Key dates and updates
Important milestones for this scheme. Use official links to verify before you apply.
| Milestone | Date |
|---|---|
| Scheme launch |
Overview
The scheme aims to provide a secure savings option with assured returns for women. Through this scheme, 7.5% interest and flexible savings benefits are provided to women and minor girls.
Details
The scheme “Mahila Samman Savings Certificate” launched by the Department of Economic Affairs, Ministry of Finance aims to provide financial security and attractive investment opportunities to girls and women in India. It is available through Post Offices and eligible Public and Private Sector Banks, ensuring wider accessibility. The scheme offers a 2-year tenure with an interest rate of 7.5% per annum compounded quarterly on deposits ranging from ₹1,000 to ₹2,00,000. It also allows partial withdrawal of up to 40% of the balance and is valid for subscription until 31st March 2025.
Exclusions
• <br>
Benefits
• **Investment Options:** Provide attractive and secure investment options for girls and women. - **Interest Rate:** Offers fixed interest of 7.5% per annum, compounded quarterly. - **Investment Limit:** The maximum investment ceiling is ₹2,00,000 with flexible investment options. - **Tenure:** The scheme has a duration of 2 years.
• **Interest Credit:** Interest is compounded quarterly and credited to the account.
• > **Note:**
• 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.
• <br>
Eligibility Criteria
1. - The applicants must have Indian citizenship.
2. - This scheme is only for women and girl children.
3. - Any Individual Woman can apply under the scheme.
4. - The minor account can also be opened by the guardian.
5. - There is no upper age limit, and women of all ages can avail the benefits of this scheme.
6. **Note:** An account opened under this Scheme shall be a single-holder type account.
7. > **Deposits:**
8. - An individual may open any number of accounts subject to the maximum limit for deposit and a time gap of three months shall be maintained between the existing account and the opening of other accounts.
9. - A minimum of ₹1000/- and any sum in multiples of one hundred rupees may be deposited in an account and no subsequent deposit shall be allowed in that account.
10. - A maximum limit of ₹2,00,000/- shall be deposited in an account or accounts held by an account holder.
11. > **Payment on maturity:**
12. - The deposit shall mature on completion of two years from the date of the deposit and the Eligible Balance may be paid to the account holder on maturity.
13. - In calculating the maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee, and for this purpose; any amount of fifty paisa or more shall be treated as one rupee, and any amount less than fifty paisa shall be ignored.
14. > **Withdrawal from account:**
15. - The account holder shall be eligible to withdraw a maximum of up to 40% of the Eligible Balance once after the expiry of one year from the date of opening of the account but before the maturity of the account.
16. - In case of an account opened on behalf of a minor girl, the guardian may apply for the withdrawal for the benefit of the minor girl by submitting the specified certificate to the accounts office.
17. - In calculating the withdrawal from the account, any amount in fraction of a rupee shall be rounded off to the nearest rupee, and for this purpose; any amount of fifty paisa or more shall be treated as one rupee, and any amount less than fifty paisa shall be ignored.
18. <br>
Required Documents
• Passport
• Driving license
• Voter’s ID card
• Job card issued by NREGA signed by the State Government officer
• Letter issued by the National Population Register containing details of name and address
Frequently Asked Questions
Q: What is the 'Mahila Samman Savings Certificate' scheme?
A: It is a small savings scheme introduced by the Government of India for women with a maturity period of two years. A woman or guardian of a girl child can open this account and deposit a maximum amount of [?]2 lakhs.
Q: What is the interest rate of the Mahila Samman Savings Certificate?
A: The interest rate is 7.5% p.a., credited quarterly and paid at the time of closure of the account.
Q: Who can open an account under the scheme?
A: 1. A woman for herself.
2. A guardian on behalf of a minor girl.
Q: What is the benefit of the scheme?
A: Women will get a 7.5% interest p.a. for the one-time deposit made by them at the end of two years.
Q: Where to open under the scheme?
A: Applicants can open an account through their nearest Post Office Branch or Bank.
Q: When is the investment period for this scheme?
A: The scheme is available for investment for a duration of two years, starting from April 1, 2023, to March 31, 2025.
Q: What is the minimum and maximum investment allowed?
A: The minimum investment amount for this scheme is [?]1000/-, while the maximum deposit in a single account is capped at [?]2 lakhs.
Q: When does the maturity of the account occur?
A: After two years from the date of opening, the eligible balance will be paid to the depositor.
Q: Can the Mahila Samman Savings Certificate be closed prematurely?
A: Yes, investors can close the account before two years in certain situations, including after six months of opening without providing any reason. In such a case, an interest rate is less by two percent. Other situations for premature closure include the death of the account holder or extreme compassionate grounds.
Q: How does the withdrawal process work?
A: 40% of the eligible balance can be withdrawn after one year from the date of account opening.
Q: Under what circumstances can pre-mature closure occur?
A: The account shall not be closed before maturity except in the following cases, namely:-
* on the death of the account holder;
* where the post office or the Bank concerned is satisfied, in cases of extreme compassionate grounds 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, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the account.
Eligibility Criteria
- The applicants must have Indian citizenship.
- This scheme is only for women and girl children.
- Any Individual Woman can apply under the scheme.
- The minor account can also be opened by the guardian.
- There is no upper age limit, and women of all ages can avail the benefits of this scheme.
**Note:** An account opened under this Scheme shall be a single-holder type account.
> **Deposits:**
- An individual may open any number of accounts subject to the maximum limit for deposit and a time gap of three months shall be maintained between the existing account and the opening of other accounts.
- A minimum of ₹1000/- and any sum in multiples of one hundred rupees may be deposited in an account and no subsequent deposit shall be allowed in that account.
- A maximum limit of ₹2,00,000/- shall be deposited in an account or accounts held by an account holder.
> **Payment on maturity:**
- The deposit shall mature on completion of two years from the date of the deposit and the Eligible Balance may be paid to the account holder on maturity.
- In calculating the maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee, and for this purpose; any amount of fifty paisa or more shall be treated as one rupee, and any amount less than fifty paisa shall be ignored.
> **Withdrawal from account:**
- The account holder shall be eligible to withdraw a maximum of up to 40% of the Eligible Balance once after the expiry of one year from the date of opening of the account but before the maturity of the account.
- In case of an account opened on behalf of a minor girl, the guardian may apply for the withdrawal for the benefit of the minor girl by submitting the specified certificate to the accounts office.
- In calculating the withdrawal from the account, any amount in fraction of a rupee shall be rounded off to the nearest rupee, and for this purpose; any amount of fifty paisa or more shall be treated as one rupee, and any amount less than fifty paisa shall be ignored.
<br>
Benefits
**Investment Options:** Provide attractive and secure investment options for girls and women. - **Interest Rate:** Offers fixed interest of 7.5% per annum, compounded quarterly. - **Investment Limit:** The maximum investment ceiling is ₹2,00,000 with flexible investment options. - **Tenure:** The scheme has a duration of 2 years.
**Interest Credit:** Interest is compounded quarterly and credited to the account.
> **Note:**
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.
<br>
Required Documents
| # | Document |
|---|---|
| 1 | Passport |
| 2 | Driving license |
| 3 | Voter’s ID card |
| 4 | Job card issued by NREGA signed by the State Government officer |
| 5 | Letter issued by the National Population Register containing details of name and address |
Frequently Asked Questions
It is a small savings scheme introduced by the Government of India for women with a maturity period of two years. A woman or guardian of a girl child can open this account and deposit a maximum amount of [?]2 lakhs.