Mahila Samman Savings Certificate, 2023

Mahila Samman Savings Certificate, 2023

Interest payable, Rates, Periodicity etc. Minimum Amount for opening of account and maximum balance that can be retained
Rate of interest: 7.5% per annum. Interest will be compounded quarterly. Minimum of rupees one thousand and in multiples of rupees one hundred. Maximum limit of rupees two lakh in an account or all accounts held by an account holder.
Channel of Subscription/Opening of accounts: - Branches.
Salient features
  • (a) Who can open:
    (i) By a woman for herself.
    (ii) By the guardian on behalf of a minor girl.
  • (b) Deposit:
    (i) Minimum of rupees one thousand and in multiples of rupees one hundred.
    (ii) Maximum limit of rupees two lakh in an account or all accounts held by an account holder.
    (iii) A time gap of three months shall be maintained between the existing account and the opening of another account.
  • (c) Interest:
    (i) Deposit shall be eligible for 7.5% interest per annum.
    (ii) Interest will be compounded quarterly.
    (iii) Account opened or deposit made in contravention of rules will be eligible for interest at PO Savings Account rates.
  • (d) Withdrawal:
    40% withdrawal of eligible balance can be taken after one year from the date of account opening.
  • (e) Pre-mature closure:
    (i) On the death of the account holder.
    (ii) On extreme compassionate grounds such as life-threatening disease of the account holder or death of the guardian on production of relevant documents.
  • (f) Maturity:
    After two years from the date of opening, the eligible balance will be paid to the depositor.
  • (g) How to open account:
    Submit the Account Opening Form, KYC Documents (Aadhaar and PAN card), Pay-in-Slip along with the deposit amount/cheque at the nearest Central Bank of India branch.