The Schemes “Mahila Samman Savings Certificate Scheme 2024” was sent off by the Department of Economic Affairs, Ministry of Finance to give monetary security to each young lady and lady in India. the Department of Economic Affairs, Ministry of Finance through an e-newspaper notice gave on June 27, 2023, allowed all Open Area Banks and qualified Private Area Banks to carry out and operationalize this Schemes.
This targets empowering improved admittance to the Schemes for young ladies/ladies. With this, Mahila Samman Savings Certificate Schemes will presently be accessible for membership in Post Offices, and eligible Scheduled Banks.. The Schemes has been in activity since April 1, 2023, through the Branch of Post and is substantial for a two-year time frame upto 31st Mar 2025.
Key Elements of theMahila Samman Savings Certificate Scheme 2024
• Gives appealing and tied down venture choices to all young ladies and ladies.
• A account can be opened under this Schemes at the latest Mar 31, 2025 for a residency of two years.
• The deposit made under MSSC will rate of 7.5% per annum which will be accumulated quarterly.
• Least of ₹1,000/ – and any total in various of 100 might be kept inside the greatest furthest reaches of ₹2,00,000/ – .
• The maturity of the speculation under this Schemes is a long time from the date of opening of the account under the Schemes.
• It imagines adaptability in speculation as well as in fractional withdrawal during the Schemes tenor. The account holder is qualified to pull out a limit of up to 40% of the qualified balance in the Schemes account.
Benefits of Mahila Samman Savings Certificate Scheme 2024
1. The Schemes gives appealing and secure speculation choices to all young ladies and ladies.
2. The Schemes offers an alluring and fixed revenue of 7.5% premium accumulated quarterly with adaptable speculation and fractional withdrawal choices with a most extreme roof of ₹2,00,000/ – .
3. The residency of the Schemes is two years.
4. Interest will be intensified on a quarterly premise and credited to the account.
Note: The premium payable to the account holder in regard of any account opened or deposit made which isn’t in consonance with the arrangements of this Schemes will be payable at the rate relevant to the Mailing station Bank account.
Qualification of Mahila Samman Savings Certificate Scheme 2024
1. The candidates should have Indian citizenship.
2. This Schemes is just for ladies and young lady kids.
3. Any Singular Lady can apply under the Schemes.
4. The minor account can likewise be opened by the watchman.
5. There could be no upper age breaking point and ladies, all things considered, can profit the advantages of this Schemes.
Note: A account opened under this Schemes will be a solitary holder type account.
Deposits of Mahila Samman Savings Certificate Scheme 2024:
• An individual might open quite a few accounts subject to as far as possible for deposit and a delay of 90 days will be kept up with between the current account and the launch of different accounts.
• At least ₹1000/ – and any total in products of 100 rupees might be kept in a account and no ensuing deposit will be permitted in that account.
• A greatest restriction of ₹2,00,000/ – will be saved in a account or accounts held by a account holder.
Payment on maturity of Mahila Samman Savings Certificate Scheme 2024::
• The deposit will develop on fruition of a long time from the date of the deposit and the Eligible Balance might be paid to the account holder on maturity.
• In computing the maturity esteem, any sum in part of a rupee will be adjusted to the closest rupee, and for this reason; any amount of fifty paisa or more will be treated as one rupee, and any sum under fifty paisa will be disregarded.
Withdrawal from account:
• The account holder will be qualified to pull out a limit of up to 40% of the Qualified Balance once after the expiry of one year from the date of opening of the account yet before the maturity of the account.
• In the event of a account opened for a minor young lady, the gatekeeper might apply for the withdrawal to help the minor young lady by presenting the predetermined declaration to the accounts office.
• In computing the withdrawal from the account, any sum in part of a rupee will be adjusted to the closest rupee, and for this reason; any amount of fifty paisa or more will be treated as one rupee, and any sum under fifty paisa will be disregarded.
Application Process
Offline
Application process of Mahila Samman Savings Certificate Scheme 2024
Stage 01: The candidate can visit the closest Mail center Branch or an assigned bank.
Stage 02: Gather the candidate structure or download it from the main site.
Stage 03: Finish up the application structure and connect every one of the expected accounts.
Stage 04: Finish up the statement and designation details
Stage 05: Present the application structure with the underlying amount of venture/deposit.
Stage 06: Get the testament that fills in as confirmation of interest in the ‘Mahila Samman Reserve funds Endorsement’ scheme.
Note: An application for opening a account under this Schemes will be made by a person for herself, or by the gatekeeper in the interest of a minor young lady prior to Mar 31, 2025.
Premature closure of account of Mahila Samman Savings Certificate Scheme 2024
1. The account will not be shut before maturity besides in the accompanying cases, specifically:-
• on the passing of the account holder;
• where the post office or the Bank concerned is fulfilled, in instances of outrageous humane grounds, for example, clinical help in hazardous illnesses of the account holder or demise of the watchman, that the activity or continuation of the account is making unjustifiable difficulty the account holder, it might, after complete documentation, by request and because of motivations to be kept accounted as a hard copy, permit untimely conclusion of the account.
2. Where a account is rashly shut under sub-passage 1, premium on chief sum will be payable at the rate relevant to the Schemes for which the account has been held.
3. Untimely conclusion of a account might be allowed, any time after the fruition of a half year from the date of opening of a Account, under any condition other than gave under sub-section 1, and in which case the balance as remained occasionally in the account will be qualified exclusively for the loan cost less by 2% than the rate determined in this Schemes.
4. In working out the maturity esteem, any sum in part of a rupee will be adjusted to the closest rupee and for this reason; any amount of fifty paisa or more will be treated as one rupee and any sum under fifty paisa will be disregarded.
Docs Required of Mahila Samman Savings Certificate Scheme 2024:::
1. Passport size photograph
2. Proof of age, i.e. Birth Certificate
3. Aadhaar Card
4. PAN Card
5. Pay-in-Slip along with deposit amount or cheque
6. The following documents are accepted as valid documents for the purpose of identification and address proof:
a. Passport
b. Driving license
c. Voter’s ID card
d. Job card issued by NREGA signed by the State Government officer
e. Letter issued by the National Population Register containing details of name and address
FAQ
What 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 ₹2 lakhs
What is Interest rate ?
The interest rate is 7.5% p.a., credited quarterly and paid at the time of closure of the account