The Union Finance Ministry on Friday notified the Mahila Samman Savings Certificate – a small savings scheme announced for women in the budget this year. The scheme will have a maturity period of two years. Mahila Samman Savings account can be opened either in a bank or post office. The maximum limit of deposit in the account is ₹2 lakh, while the minimum amount is ₹1,000.
According to the gazette notification, the application for deposit under the scheme will be accepted for the next two years till March 31, 2025. “The deposits made under this scheme shall bear interest at the rate of 7.5% per annum. Interest shall be compounded on a quarterly basis and credited to the account,” said the notification.
“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,” it added.
The scheme also allows premature withdrawal upto some extent. “The account holder shall be eligible to withdraw maximum up to forty per cent 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,” it said. In the case of a minor account though, the withdrawal is conditional. “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,” the notification said.
The account shall not be closed before maturity except in case of death of the account holder.
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