Mahila Samman Savings Certificate: The best govt scheme to get 7.5 per cent interest

Department of Posts (DoP) has launched different schemes to help the people to invest and get high returns. Mahila Samman Savings Certificate is one of such schemes of the post office which provides 7.5 per cent interest per annum.

However, only the women the guardian of the minor girls can open the account under the Mahila Samman Savings Certificate and invest.

Here’s detail about the Mahila Samman Savings Certificate:

a) Who can open?

• By a woman for herself.
• By the guardian on behalf of a minor girl.

b) Deposit:

• Minimum of rupees one thousand and in multiple of rupees one hundred.
• Maximum limit of rupees two lakh in an account or all account hold by an account holder.
• A time gap of three months shall be maintained between the existing account and the opening of other account.

(c) Interest

• Deposit shall eligible for 7.5 per cent interest per annum.
• Interest will be compounded quarterly and credited in account and paid at the time of closure of account.
• Account opened or deposit made in-contravention of rules will be eligible for interest @ PO Savings Account.

Also Read: Here’s how you can avail different services of Post Office easily

(d) Withdrawal:

• 40% withdrawal of eligible balance can be taken after one year from the date of account opening.

(d) Pre-mature closure

• On the death of the account holder
• On extreme compassionate ground (i) Life threatening decease of account holder (ii) death of the guardian on production of relevant documents
• Note:-Scheme interest will be paid on principal amount.
• After six months of account opening without mentioning any reason
• Note:-Scheme interest less by 2 per cent will be paid e.g. 5.5%.

(e) Maturity

• After two years from the date opening eligible balance will be paid to the depositor.

(f) How to open account

• Submit Account Opening Form, KYC Document (Aadhaar and PAN card) , KYC form for new account holder, Pay-in-Slip alongwith deposit amount/cheque at nearest post office.

Click here to know more about the Mahila Samman Savings Scheme, 2023.

Click here to get the form.