Mahila Samman Savings Certificate is the best scheme that provides more money in a short period of time…! Mahila Samman Savings Certificate 2024
Mahila Samman Savings Certificate : . It aims to enable better access to the scheme for girls/women. With this, the ‘Mahila Samman Savings Certificate’ scheme will now be get for subscription at post offices and eligible candidates scheduled banks. The scheme has been implemented by the Department of Posts from April 1, 2023. The scheme is valid for a period of two years till 31 March 2025.
Key Features of Mahila Samman Savings Certificate Scheme:
The scheme offers attractive and safe investment options to all girls and women.
Account can be opened under this scheme for a period of two years on or before March 31, 2025.
A deposit made under MSSC (Mahila Samman Savings Certificate) earns interest at the rate of 7.5% per annum. It is compounded quarterly. A minimum deposit of ₹1,000/- and any amount in multiples of 100 up to a maximum limit of ₹2,00,000/- can be deposited in this scheme. Maturity of investment under this scheme is limited to two years from the date of inception The account holder is eligible to withdraw up to a maximum of 40% of the eligible balance in the scheme account.
Benefits of Mahila Samman Savings Certificate
The scheme offers attractive and safe investment options to all girls and women.
The scheme offers attractive and fixed interest at 7.5% interest compounded quarterly with flexible investment and partial withdrawal options up to a maximum limit of ₹2,00,000/-.
The tenure scheme is two years. Interest is compounded and credited to the account on a quarterly basis.
Mahila Samman Savings Certificate Eligibility
- Applicants must hold Indian citizenship.
- This scheme is applicable to women and girls only.
- Any individual woman can apply under this scheme.
- A guardian can also open a minor account in this scheme.
- There is no age limit in this scheme, women of all ages can avail the benefits of this scheme.
- Note: Account opened under this scheme should be single holder type account.
Method of Depositing Mahila Samman Savings Certificate
An individual can open any number of accounts subject to the maximum limit for deposit and a time gap of three months is maintained between the existing account and the opening of other accounts.
A minimum amount of ₹1000/- and any multiple thereof can be deposited in one account up to one hundred rupees and no further deposit is allowed in that account.A maximum limit of ₹2,00,000/- will be deposited in the account holder’s account or accounts.
Payment on maturity Mahila Samman Savings Certificate
The deposit matures on completion of two years from the date of deposit and the eligible balance is paid to the account holder on maturity.In computing the maturity value, any amount in the fraction in rupees is rounded off to the nearest rupee. , and for this purpose; An amount of fifty paisa or more is considered as one rupee and an amount less than fifty paisa is ignored.Withdrawal from Mahila Samman Savings Certificate only Account holder is able to withdraw maximum 40% of eligible amount balance once after expiry of 1 year from the date of account opening but before maturity of account. Of a minor girl, the guardian may apply for withdrawal in favor of the minor girl by submitting the said certificate to the Accounts Office.In computing the withdrawal from the account, any amount instantly be rounded off. to the nearest rupee, and for this purpose, an amount of fifty paisa or more shall be treated as one rupee and an amount less than fifty paisa shall be disregarded
Below is the description for Mahila Samman Savings Certificate offline application process
- Step 01: Applicant can visit the nearest post office branch or designated bank.
- step 02: Collect the candidate form or download from official website.
- step 03: Fill the application form and attach all the required documents.
- step 04: Fill declaration and nomination details.
- step 05: Submit the application form with initial amount of investment/deposit.
- step 06: You will Receive a proof certificate of investment in the ‘Mahila Samman Savings Certificate’ scheme.
Know the details below which means to close MSSC account
Account cannot be closed before maturity except in the following cases, viz
on the death of the account holder;
Where the Post Office or the Bank concerned is satisfied that the operation or continuation of the account is causing undue hardship in extreme compassionate cases such as medical assistance in terminal illnesses of the account holder or death of a guardian. The Customer may, after complete documentation, by order and for reasons to be recorded in writing, allow early closure of the account.
If the account is prematurely closed under sub-paragraph 1, interest shall be payable on the principal amount at the rate applicable to the scheme in which the account is maintained.At any time after completion of six months from the date of opening of the account, premature closure of the account may be permitted for any reason other than as provided under sub-paragraph 1 and in this case the balance from the time the account remains in the account shall be entitled to a rate of interest of 2% less than the rate specified in this scheme.In computing the maturity value, any amount in a fraction in rupees shall be rounded to the nearest rupee and for this purpose; An amount of fifty paisa or more is considered as one rupee and an amount less than fifty paisa is ignored.
Required Roles for Mahila Samman Savings Certificate Application
- Passport size photograph
- Proof of age, i.e. birth certificate
- Aadhaar Card
- PAN card
- Pay-in-slip with deposit amount or cheque
- The following documents are accepted as valid documents for proof of identity and address:
- a. Passport
- B. Legal Qualification to Drive a Vehicle
- C. Voter Identity Card
- d. Job Card issued by NREGA with signature of State Government Officer
- e. Letter issued by National Population Register containing name and address details.
