The Modi administration has launched a number of programs for citizens’ well-being. These programs offer benefits to persons from various social classes. A new program for women has also been launched by the Modi administration at the same time. The Mahila Samman Savings Certificate is the official name of this program. This program was created specifically for women, and it will also assist the nation’s female citizens. Let us know what the characteristics of this plan are in this case.
Certificate for Women’s Honor Savings
Certificate of Savings for Mahila Samman In Budget 2023, a brand-new small savings program was unveiled with the goal of encouraging female investors to make investments. The government put this plan into effect on March 31, 2023, by publishing a gazette notification. The account opened under this program will be of the single holder type, and it may be opened at any authorized bank or post office.
Who can access the Account for Mahila Samman Savings Certificate?
A woman can open a Mahila Samman Savings Account on her own behalf or on behalf of a little girl through a guardian. Form I must be completed by female investors by March 31, 2025, at the latest.
Mahila Samman Savings Certificate Maximum
The minimum investment amount is Rs. 1000, & any sum in multiples of Rs. 100 may be deposited in an account; however, further contributions into that account are not permitted. The scheme’s 2 lakh rupee maximum investment cap.
Interest rate
For deposits made under this program, interest will be paid at a rate of 7.5 percent annually. The account will be credited with quarterly compounded interest.
Cash Flow on Maturity
After two years from the date of deposit, the deposit amount matures, and the account holder can obtain the remaining amount by filing an application in Form-2 to the Accounts Office at that time.
Withholding from the account
By completing a Form-3 application after the first year from the date of account opening but before the account reaches maturity, the account holder may withdraw up to 40% of the balance.
Premature account closure
Except in the situations listed below, the account won’t be closed before maturity.
Upon the account holder’s passing.
When the post office or bank in question determines that
the account’s operation is putting the account holder through undue hardship because of extremely compassionate circumstances, such as medical assistance for the account holder’s life-threatening illnesses or the death of a parent, it may allow the account’s premature closure by placing an order after documentation and for reasons to be documented in writing.
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