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 Interest will be compounded quarterly

Minimum of rupees one thousand and in multiple of rupees one hundred and Maximum limit of rupees two lakh in an account or all account hold 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 multiple of rupees one hundred.
  (ii) Maximum limit of rupees two lakh in an account or all account hold by an account holder.
  (iii) A time gap of three months shall be maintained between the existing account and the opening of other account.
• (c) Interest:-
  (i) Deposit shall eligible for 7.5 per cent interest per annum.
  (ii) Interest will be compounded quarterly.

(iii) Account opened or deposit made in-contravention of rules will be eligible for interest @ PO Savings Account.

• (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 ground (i) Life threatening decease of account holder (ii) death of the guardian on production of relevant documents.

• (f) Maturity:-
  (i) After two years from the date opening eligible balance will be paid to the depositor.
• (g) How to open account:-
  (i) Submit Account Opening Form, KYC Document (Aadhaar and PAN card) Pay-in-Slip along with deposit amount/cheque at nearest Central Bank of India..