Investing and saving can be tricky, especially when there are so many options out there. If you are a woman, you need better investment plans with fixed income and the scheme which is backed by the Central Government,
If you’re looking for a secure and beneficial way to save, especially for women, the Mahila Samman Savings Scheme is a fantastic option. Let’s discuss the details of this scheme and make it as simple as possible!
Who Can Open an Account?
- Women for themselves: Any woman can open an account in her own name.
- Guardians for minor girls: A guardian can open an account on behalf of a minor girl, making it a great way to start saving early for your daughter’s future.
How to Deposit?
- Minimum Deposit: You can start with as little as ₹1,000 and deposits should be in multiples of ₹100.
- Maximum Deposit: The maximum amount you can deposit is ₹2,00,000 across all accounts held by a single account holder.
- Account Interval: If you want to open multiple accounts, there must be a gap of three months between opening one account and the next.
Interest Details of Mahila Samman Savings Certificate
- Interest Rate: The scheme offers a solid 7.5% per annum.
- Compounding: Interest is compounded quarterly, meaning your money grows faster!
Withdrawal Options
- Partial Withdrawal: You can withdraw up to 40% of the balance after one year from the account opening date, providing some flexibility if you need funds.
Premature Closure Conditions
- Death of Account Holder: The account can be closed prematurely if the account holder passes away.
- Compassionate Grounds: On grounds of life-threatening disease of the account holder or death of the guardian, with relevant documents.
- Without Reason: After six months, the account can be closed for any reason, but the interest rate will be reduced by 2%, resulting in a 5.5% interest rate.
Maturity Conditions
- Maturity Period: The account matures after two years, after which the eligible balance is paid to the depositor. The amount is paid along with the investment and interest earned on it.
How to Open an Account
- Required Documents:
- Account Opening Form
- KYC Documents (Aadhaar and PAN card)
- KYC Form for new account holder
- Pay-in-Slip along with the deposit amount or cheque
- Where to Submit: Visit the nearest post office with these documents to open your account.
FAQs
- Can I open an account for my minor daughter?
- Yes, a guardian can open an account on behalf of a minor girl.
- What is the minimum deposit amount?
- The minimum deposit is ₹1,000.
- How much interest will I earn?
- The scheme offers an annual interest rate of 7.5%, compounded quarterly.
- Can I withdraw money before the account matures?
- Yes, you can withdraw up to 40% of the balance after one year.
- What happens if I need to close the account early?
- You can close the account prematurely on compassionate grounds or after six months for any reason, but the interest rate will be reduced to 5.5%.
- How long until my account matures?
- The account matures after two years.
- Where do I open the account?
- You can open the account at your nearest post office.
Conclusion
The Mahila Samman Savings Scheme, started in 2023, is a great way for women to save and grow their money securely. With a good interest rate, flexible withdrawal options, and easy account opening procedures, it’s designed to empower women financially. Whether you’re a woman looking to secure your future or a guardian wanting to start a savings plan for a minor girl, this scheme is worth considering.
