Question: What is Mahila Samman Savings Certificate?

Answer: .Step 05: Submit the application form with the initial amount of investment/deposit.Step 06: Receive the certificate that serves as
proof of investment in the â€˜Mahila Samman Savings Certificateâ€™ scheme.Note: An application for opening an account under this
Scheme shall be made by a woman for herself, or by the guardian on behalf of a minor girl on or before March 31, 2025. Premature
closure of account:1. The account shall not be closed before maturity except in the following cases, namely:-â€¢ on the death of the
account holder;â€¢ 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.2. Where an account is prematurely closed under sub-paragraph 1, interest on principal amount
shall be payable at the rate applicable to the Scheme for which the account has been held.3. Premature closure of an account may be
permitted, any time after the completion of six months from the date of opening of an Account, for any reason other than provided under
sub-paragraph 1, and in which case the balance as stood from time to time in the account shall be eligible only for the interest rate less by
2% than the rate specified in this Scheme.4. 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.Documents Required1. Passport size photograph2. Proof of age, i.e. Birth Certificate3. Aadhaar Card4. PAN
Card5. Pay-in-Slip along with deposit amount or cheque6. The following documents are accepted as valid documents for the purpose of
identification and address proof:a. Passportb. Driving licensec. Voterâ€™s ID cardd. Job card issued by NREGA signed by the State
Government officer e. Letter issued by the National Population Register containing details of name and addressFrequently Asked
QuestionsWhat is the 'Mahila Samman Savings Certificate' scheme?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 â‚¹2 lakhs.What is the interest rate of the Mahila Samman Savings Certificate?The interest rate is 7.5% p.a., credited quarterly
and paid at the time of closure of the account.Who can open an account under the scheme?1. A woman for herself. 2. A guardian on
behalf of a minor girl.What is the benefit of the scheme?Women will get a 7.5% interest p.a. for the one-time deposit made by them at
the end of two years.Where to open under the scheme?Applicants can open an account through their nearest Post Office Branch or
Bank.When is the investment period for this scheme?The scheme is available for investment for a duration of two years, starting from
April 1, 2023, to March 31, 2025.What is the minimum and maximum investment allowed?The minimum investment amount for this
scheme is â‚¹1000/-, while the maximum deposit in a single account is capped at â‚¹2 lakhs.When does the maturity of the account
occur?After two years from the date of opening, the eligible balance will be paid to the depositor.Can the Mahila Samman Savings
Certificate be closed prematurely?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.How does the withdrawal process work?40% of the eligible
balance can be withdrawn after one year from the date of account opening.Under what circumstances can pre-mature closure occur?The
account shall not be closed before maturity except in the following cases, namely:- â€¢ on the death of the account holder; â€¢ 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.Sources And ReferencesNotificationScheme DetailsOkWas this helpful?News and UpdatesNo new news and updates
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NowMinistry Of FinanceMahila Samman Savings
CertificateGirlInvestmentMahilaSavingWomanDetailsBenefitsEligibilityApplication ProcessDocuments RequiredFrequently Asked
QuestionsThe scheme â€œMahila Samman Savings Certificateâ€​ was launched by the Department of Economic Affairs, Ministry of
Finance to provide financial security to every girl and woman in India. The Department of Economic Affairs, Ministry of Finance,
through an e-gazette notification issued on June 27, 2023, permitted all Public Sector Banks and eligible Private Sector Banks to
implement and operationalize this scheme. This aims at enabling enhanced access to the scheme for girls/women. With this, 'Mahila
Samman Savings Certificate' scheme will now be available for subscription in Post Offices, and eligible Scheduled Banks. The scheme
has been in operation since April 1, 2023, through the Department of Post and is valid for a two-year period upto 31st March 2025.Key
Features of the Scheme:Provides attractive and secured investment options to all girls and women.An account can be opened under this
scheme on or before March 31, 2025 for a tenure of two years.The deposit made under MSSC will bear interest at the rate of 7.5% per
annum which will be compounded quarterly.Minimum of â‚¹1,000/- and any sum in multiple of 100 may be deposited within the
maximum limit of â‚¹2,00,000/-.The maturity of the investment under this scheme is two years from the date of opening of the account
under the scheme.It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The account
holder is eligible to withdraw a maximum of up to 40% of the eligible balance in the scheme account.OkWas this helpful?ShareNews
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