The Mahila Samman Savings Certificate, 2023 is a scheme that came into effect from March 31, 2023. It is a small savings scheme exclusively targeting women. The deposits made under this Scheme shall bear interest at the rate of 7.5 per cent. per annum.
All women or by the guardian on behalf of a minor girl.
About the scheme
An application for opening an account under this Scheme shall be made by a woman for herself, or by the guardian on behalf of a minor girl to the Account Office in Form - I, on or before the 31st March, 2025.
An account opened under this Scheme shall be a single holder type account.
An individual may open any number of accounts subject to the maximum limit of Rs 2 lakhs for deposit and a time gap of three months shall be maintained between the existing account and the opening of other account.
A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account and no subsequent deposit shall be allowed in that account.
The deposits made under this Scheme shall bear interest at the rate of 7.5 per cent. per annum.
Interest shall be compounded on quarterly basis and credited to the account.
Payment on maturity
The deposit shall mature on completion of two years from the date of the deposit and the Eligible Balance may be paid to the account holder on an application in Form-2 submitted to the accounts office on maturity.
Withdrawal from account
The account holder shall be eligible to withdraw maximum up to forty per cent. of the Eligible Balance once after the expiry of one year from the date of opening of the account but before the maturity of the account by making application in Form-3.
In case of an account opened on behalf of a minor girl, the guardian may apply for the withdrawal for the benefit of the minor girl.
Premature closure of account.
The account shall not be closed before maturity except in the following cases, namely:-
on the death of the account holder;
where the post office or the Bank concerned is satisfied, in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, that the operation or continuation of the account is causing undue hardship to the account holder.
Where an account is prematurely closed, interest on principal amount shall be payable at the rate applicable to the Scheme for which the account has been held.
Premature closure of an account may be permitted, any time after the completion of six months from the date of opening of an Account.
Premature closure of account shall be eligible only for the interest rate less by two per cent. than the rate specified in this Scheme.
Agency charges payable to Department of Posts and authorised banks.
Type of transaction
Charges payable (in rupees)
Receipt Physical Mode
6.5 paise per Rs.100 turnover
Where to open account
The women may contact their nearest Post offices or banks to open the account.
To view the complete guidelines and associated forms, click here.