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Key features of the Mahila Samman Savings Certificate
Government-backed: The Mahila Samman Savings Certificate is a government-backed initiative, which means that there is no credit risk for investors.
Eligibility: Only girls or women can hold this certificate. It can be opened by either a woman herself or the guardian of a minor girl.
Deposit limits: Deposits can be made starting from Rs 1,000 in increments of Rs 100, up to a maximum of Rs 2,00,000 per account. A second account can be opened after three months.
Maturity period: The certificate matures in two years, with the maturity amount payable at the end of this period.
Partial withdrawal: Account holders can withdraw up to 40 per cent of the balance after one year from the opening date.
Tax benefits: The investment made under the plan is not eligible for a tax saving benefit under Section 80C of the Income-tax Act, 1961. However, interest earned under the plan is taxed.
Interest rate: This scheme has a fixed interest rate of 7.5 per cent p.a. The interest will be credited quarterly and paid at the time of closure of the account.
Documents required for opening a Mahila Samman Saving Certificate account:
Duly-filled application form: Complete all required fields accurately and ensure all necessary information is provided.
KYC form for new account holders: Fill out the KYC form
Proof of Identity (any KYC document):
Aadhaar card
Voter ID card
Driving licence
PAN card
Pay-in-slip with the deposit amount/cheque
Premature closure conditions for Mahila Samman Savings Certificate:
Closure after six months: The account can be closed after six months from the opening date without providing any specific reason. In such instances, an interest rate of 5.5 per cent will be applicable on the principal amount.
Closure due to account holder’s death: In the event of the account holder’s death, the account can be closed. In such a case, the interest will be paid on the principal amount.
Extreme compassionate grounds: Closure may be permitted on extreme compassionate grounds, such as:
Life-threatening illness of the account holder.
Death of the guardian, supported by relevant documentation. In such a case, the interest will be paid on the principal amount.
How to open a Mahila Samman Savings Certificate Account
Women and guardians of a girl child can open this account at post offices and qualified scheduled banks.
Here is how you can invest in this scheme:
Visit your nearest post office or bank.
Fill out the account opening form. This form is available at the counter or can be downloaded from the website.
If you are a new account holder, you must also submit the KYC form.
You must provide KYC documents such as your Aadhaar card, PAN, address proof, etc.
Deposit investment amount by cash or cheque.
Finally, after submitting the filled-up form and making the payment, the post office or bank will issue a scheme certificate.