Mahila Samman Savings Certificate, 2023: Who can invest, interest payment, charges, how to open, premature closure

A new small savings program called the Mahila Samman Saving Certificate, specially created for female investors to promote investments, was unveiled in the Budget 2023. Accounts opened under this plan must be single-holder accounts and may be opened at any authorized bank or post office.

What is Mahila Samman Savings Certificate?

The two-year Mahila Samman Savings Certificate is a one-time program that runs from April 2023 to March 2025. For two years at a fixed interest rate, it will provide a maximum deposit facility of up to Rs. 2 lakhs for women or girls.

Who can create an account with Mahila Samman Savings?

A woman may open it on her behalf, or a guardian may do it on a girl’s behalf (who is underage). Form-1 must be submitted by female investors by the deadline of March 31, 2025.

What is the Mahila Samman Savings Certificate interest rate?

Deposits made through this program will earn interest at a rate of 7.5% annually. The accounts will be credited with the quarterly compounded interest.

What is the Amount withdrawal procedure?

The account holder may withdraw up to 40% of the balance by completing a Form-3 application after the first year from the date of account opening before the account maturity.

What are the premature closure rules for Mahila Samman Savings?

Six months from the date of opening an account, it may be prematurely closed for any reason other than those listed below. In this circumstance, the balance would only be eligible for interest at a rate 2% lower than the rate fixed in the Scheme.

  • upon the account holder’s sudden demise
  • When the relevant post office or bank judges that the account’s operation is causing the account holder undue hardship as a result of extreme circumstances, such as medical support for the account holder’s life-threatening illnesses or the passing of the guardian

To learn more about investment and financial independence, contact AMG Invest.

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Disclaimer

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing. Investors should be aware that system response, execution price, speed, liquidity, market data, and account access times are affected by many factors, including market volatility, size and type of order, market conditions, system performance, and other factors.

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Disclaimer

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing. Investors should be aware that system response, execution price, speed, liquidity, market data, and account access times are affected by many factors, including market volatility, size and type of order, market conditions, system performance, and other factors.

Read More