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Mahila Samman Saving Certificate Scheme: Know 7 Facts About This Women-Exclusive Plan – Prime Time News24


The MSSC is a low-risk funding choice with engaging returns particularly designed for girls.

Mahila Samman Saving Certificates scheme is on the market for a restricted interval solely.

Throughout the Uinion Price range presentation for FY 2023-24 on February 1, 2023, Finance Minister Nirmala Sitharaman unveiled alterations to the revenue tax slabs below the brand new tax regime, alongside important amendments to present financial savings schemes. Moreover, she launched a brand new initiative tailor-made for girls, often called the Mahila Samman Saving Certificates Scheme (MSSC).

Additionally Learn: Don’t Settle For Low Charges! Uncover 10 Excessive-Curiosity Govt Financial savings Schemes, Verify Advantages Right here

What Is Mahila Samman Saving Certificates?

Mahila Samman Saving Certificates is a one-time new small financial savings scheme of the federal government of India introduced within the Union Price range 2023.

The MSSC is a low-risk funding choice with engaging returns particularly designed for girls.

Mahila Samman Financial savings Certificates is on the market for 2 years as much as March 2025. This can provide a deposit facility as much as Rs 2 lakh within the identify of ladies or women for a tenure of two years.

Eligibility:

  • Any resident Indian lady, no matter age, is eligible.
  • An account might be established for a minor lady by her pure or authorized guardian.

Kind of Account:

  • Solely particular person accounts are permitted.
  • An account opened for a minor lady shall be managed by the pure or authorized guardian till she reaches maturity.

Deposit Limits:

  • The minimal deposit is Rs. 1000/- and the utmost is Rs. 200,000/-.
  • Deposits have to be made in multiples of Rs. 100/-.
  • Just one deposit is allowed per account.
  • There isn’t a restrict on the variety of accounts per depositor, so long as the overall quantity throughout all accounts below this scheme doesn’t exceed Rs 200,000/-.
  • A time interval of three months have to be noticed between opening two accounts below this scheme for a similar buyer.

Mahila Samman Saving Certificates Curiosity Price

The scheme presents an annual rate of interest of seven.5%. Curiosity shall be compounded quarterly and deposited into the account. Eligible curiosity shall be disbursed upon closure, pre-closure, or partial withdrawal of the account.

Mahila Samman Saving Certificates Final Date

The scheme is on the market for a restricted interval solely. As of now, the Mahila Samman Financial savings Certificates is a two-year scheme that commenced in April 2023 and can proceed until March 2025.

Partial Withdrawal:

  • After one 12 months from the date of deposit, as much as forty p.c (40%) of the eligible stability might be withdrawn.
  • This partial withdrawal choice is accessible solely as soon as earlier than maturity.

Early Closure:

Early closure is permissible within the following circumstances:

  • Upon the demise of the account holder.
  • Provision of medical help for a life-threatening sickness affecting the account holder.
  • Demise of the guardian resulting in important problem in working or sustaining the account.

For these specified instances of early closure, curiosity on the principal quantity shall be paid on the designated fee for the scheme.

In situations apart from these talked about above, early closure could also be permitted anytime after six months from the account opening date.

In such untimely closure situations, curiosity shall be paid at a fee 2% decrease than the designated fee for the scheme.

How To Apply For Mahila Samman Saving Certificates Scheme?

The Mahila Samman Saving Certificates Scheme has been rolled out via banks and publish workplaces throughout the nation.

Disclaimer: The views and funding ideas by consultants on this Prime Time News24.com report are their very own and never these of the web site or its administration. Readers are suggested to test with licensed consultants earlier than making any funding choices.

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