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Post Office Mahila Samman Savings Card is a very special savings scheme for women in the post office. This scheme gives women an opportunity to save with excellent returns. Mahila Samman Savings Certificate Scheme was announced by Finance Minister Nirmala Sitharaman in the Budget 2023-24. Mahila Samman Savings Certificate is a risk free scheme dedicated to women and girls of all age groups. This scheme has been designed with the intention of encouraging women and girls to save and invest.
Account Opening and Investment
Any woman can open Post Office Mahila Samman Savings Card Account. Apart from this, parents can also open an account under this scheme on behalf of the minor girl. According to the official website of India Post, in this scheme you can deposit a minimum of Rs 1000 and then in multiples of 100. But keep in mind, an account holder can deposit only a maximum of Rs 2 lakh in Mahila Samman Savings Certificate. Plan. There should be a gap of at least three months between opening one account and opening another.
Interest Rates and Withdrawal Rules
Currently, an interest rate of 7.5 percent is being given on the amount invested in this scheme of the Government of India. Interest is compounded on quarterly basis and credited to the account and paid at the time of account closure. Let us tell you, the account or deposit opened in violation of the rules will be eligible for interest on post office savings account. Up to 40 percent of the eligible balance can be withdrawn after one year from the date of account opening.
Only then the account will be closed prematurely
If the account holder dies, on extremely compassionate grounds, the account holder develops a life threatening illness, the account can be prematurely closed on death of the guardian on production of relevant documents. Yes, in this situation interest will be given on the principal amount. If the account is closed without giving any reason then the interest deposited in it will be two percent less than the fixed rate. That means instead of 7.5 percent you will get only 5.5 percent.