Higher interest than FD.. Do you know about this special savings scheme for women?

In this post we will see how to start Mahila Samman Savings Scheme which offers high interest for women.The Mahila Samman Savings Scheme is a scheme announced by Union Finance minister Nirmala Sitharaman during the last Budget 2023 to encourage women to save. It is a short-term savings scheme for women that will end on march 31, 2025. This scheme earns higher interest than the FD in banks. That means 7.5% interest is paid per annum. In this post we will see how to start Mahila Samman Savings Scheme.Any indian woman can open an account and invest under this scheme. Also a legal or natural guardian, including male guardians for female children or girls, can open the account. Only one account can be opened per woman.

Mahila Samman Savings Certificate Scheme can be initiated through bank or your nearest post office.. bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">state bank of india, bank of Baroda, Canara bank and Central bank of india offer this scheme. However, a detailed list of banks implementing this scheme is available on the website of the Ministry of Finance.Accordingly you have to go to the bank where you have a bank account and fill the application form for Mahila Samman Savings Certificate. You have to provide your personal information including your name, address and PAN number along with the amount you have decided to invest.

 How to start Mahila Samman Savings Certificate Scheme at Post Office?

Visit your nearest post office: This program can be initiated at any post office across India. After initiating the scheme and processing your deposit, you will be issued a Mahila Samman Savings Certificate. Protect this certificate as it serves as proof of your investment.

Mahila Samman Savings Certificate Scheme: Required Documents

While opening a Mahila Samman Savings Certificate account, apart from submitting the completed application form, you need to provide certain documents to verify your identity and address. These documents are commonly referred to as Know Your customer (KYC) documents and include KYC documents including Aadhaar Card, Voter ID, Driving License and PAN Card.

How much can you invest?

Women can invest from a minimum of Rs.1000 up to Rs.2,00,000 in the Mahila Samman Savings Scheme. For example, if a woman invests Rs.2,00,000 in this scheme in march 2023, her investment would have increased to Rs.2,32,044 in 2 years. 2,32,044 will be available as maturity amount in 2 years. Mahila Samman Savings Certificate Scheme. By promoting savings and investment among women and girls, it plays a vital role in shaping a financially secure future for all.

Mahila Samman Savings Certificate Interest Rate

The scheme offers an annual interest rate of 7.5%. Interest is compounded quarterly and paid into the account. Eligible interest is paid on account closure, early closure or partial withdrawal.

Partial withdrawal:

After one year from the date of deposit, up to forty percent (40%) of the eligible balance can be withdrawn.

This partial withdrawal option can be accessed only once before maturity.

When can this account be closed?

After the death of the account holder.

Providing medical assistance for life threatening illness affecting the account holder.

The death of the custodian leads to significant difficulty in operating or maintaining the account.

For these specific cases of early closure, interest on the principal amount will be paid at the scheme's designated rate.

In cases other than those mentioned above, early closure of the account may be allowed at any time after six months from the date of opening. In case of such early closure, interest will be paid at a rate of 2% less than the prescribed rate for the scheme.