Now after the post office, investment can be made in Mahila Samman Saving Certificate in government and private banks as well. Which has started with Bank of India. Bank of India will be the first government bank in the country where this scheme has been launched. Mahila Samman Savings Certificate was earlier available only through post offices. 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 banks to implement and operate the Mahila Samman Savings Certificate, 2023. The scheme was introduced by Finance Minister Nirmala Sitharaman on February 1, 2023, during the budget speech for the financial year 2023-24.
Mahila Samman Saving Certificate, 2023
Any woman can invest in the Personal Mahila Samman Saving Certificate Scheme. Parents can also invest in this scheme on behalf of their daughter or daughters. The minimum amount to invest in this scheme is Rs 1000. Up to Rs 2 lakh can be invested in multiples of Rs 100. As per the investment limit, a person can open multiple accounts with a gap of three months between each account.
How much return will you get
Women investing in this scheme are getting very good returns. According to the information, in this scheme, women will get 7.5 percent annual return and will get annual interest return. Which is deposited in the account every quarter. According to the current income tax rules, all the earnings under the Mahila Samman Savings Certificate will come under the tax net. However, TDS will not be deducted on the scheme. On the other hand, the account will mature after two years of opening. Accounts under this system can be opened till March 31, 2025.
Premature closure
In case of death of the account holder, the account can be closed prematurely. Premature closure facility is available if the account holder has such a disease due to which he may die or the account holder is facing difficulty in maintaining the account. In case of early closure under the above circumstances, interest will be paid on the principal amount at the standard rate of 7.5% of the scheme.
Account closure
After six months from the day of account opening, the customer can also request for closure of the account with a penalty of 2 per cent or at his discretion. Then the appropriate interest rate will be 5.5 percent. After one year from the date of account opening, the account holder can make a partial withdrawal up to 40% of the eligible balance.
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