Invest in Mahila Samman Savings Certificate till 31 March: Scheme closed from 1st April, Get 7.5% interest, Know special features of Scheme

A good government scheme is going to close from 1st April 2025. This scheme named as Mahila Samman Savings Certificate was introduced in 2023 and is a special savings scheme introduced by the Government of India to provide financial security and independence to women. The scheme offers attractive interest rates and a secure investment option for women and guardians of minor girls.

You can invest in this scheme till 31st March 2025. Women can invest in a safe, government-backed savings plan with guaranteed returns. The Mahila Samman Savings Certificate, 2023 scheme offers high returns of 7.5% with security. It is a great short-term investment plan for women looking to secure their financial future. Below are the complete details of the scheme, including eligibility, deposit rules, interest rates, withdrawal options, and premature closure conditions.

Eligibility and Account Opening

• A woman can open an account for herself, or a guardian can open an account for a minor girl.
• The account must be opened at an authorized post office or bank.
• The scheme is available for a limited period until 31st March 2025.
• Each account opened under this scheme is a single-holder account, and joint accounts are not allowed.

Deposit Rules

• A woman can open multiple accounts, but there must be a three-month gap between opening two accounts.
• Minimum deposit: ₹1,000 (in multiples of ₹100).
• Maximum deposit: ₹2,00,000 across all accounts held by an individual.
• Deposits must be made in one lump sum at the time of opening the account, as no additional deposits are allowed later.

Interest Rate and Taxation

• The scheme offers a fixed interest rate of 7.5% per annum.
• Interest is compounded quarterly and credited to the account.
• Interest earned on the deposit is taxable under the Income Tax Act, 1961.
• If an account does not comply with the scheme’s rules, the interest rate will be adjusted to match the Post Office Savings Account rate instead of 7.5%.

Maturity and Withdrawals

• The deposit matures after two years from the date of opening.
• To withdraw funds after maturity, the account holder must submit Form-2 at the bank or post office.
• Partial withdrawal of up to 40% of the balance is allowed after one year but before maturity.
• If the account belongs to a minor, the guardian must provide a certificate stating that the withdrawal is for the minor’s benefit.
• Any fractional amount will be rounded off to the nearest rupee.

Premature Closure of Account

• The account cannot be closed before maturity, except in the following cases:
  • Death of the account holder.
  • Life-threatening illness of the account holder.
  • Death of the guardian in case of a minor’s account.
• If an account is closed for the above reasons, interest will be paid at 7.5% per annum.
• If an account is closed after six months for any other reason, the interest rate will be reduced by 2%, making it 5.5% instead of 7.5%.
• Any fractional amount will be rounded off to the nearest rupee.

How to Apply for Mahila Samman Savings Certificate

• Visit an authorized post office or bank.
• Fill out Form-1 and submit it with the required documents.
• Required documents include:
  • Identity proof (Aadhaar, PAN, Voter ID, etc.).
  • Address proof.
  • Photograph of the applicant.
  • Birth certificate (for minor accounts).
  • Initial deposit amount.
• Once the account is opened, the applicant will receive a passbook with deposit details.