Program brief
| Form of support | Cash, paid into the bank account |
|---|---|
| Meant for | Women |
| Level | Central |
| Run by | Ministry Of Finance, Department Of Economic Affairs |
| Field | Banking,Financial Services and Insurance |
| Started | 2023 |
| How to apply | Offline |
Contents of this entry
Overview
The scheme aims to provide a secure savings option with assured returns for women. Through this scheme, 7.5% interest and flexible savings benefits are provided to women and minor girls.
The scheme “Mahila Samman Savings Certificate” launched by the Department of Economic Affairs, Ministry of Finance aims to provide financial security and attractive investment opportunities to girls and women in India. It is available through Post Offices and eligible Public and Private Sector Banks, ensuring wider accessibility. The scheme offers a 2-year tenure with an interest rate of 7.5% per annum (compounded quarterly) on deposits ranging from Rs. 1,000 to Rs. 2,00,000. It also allows partial withdrawal of up to 40% of the balance and is valid for subscription until 31st March 2025.
Further facts from the listing
| Scheme type | Central Sector Scheme |
|---|---|
| Implementing agency | Post Office Branch Or A Designated Bank |
| Scheme for | Individual |
| DBT (direct bank transfer) | No |
| Maturity Date | After two years from the date of deposit |
| Withdrawal Limit | 40% of the balance after one year |
| Application Deadline | March 31, 2025 |
| Account Type | Single-holder type account |
Benefits
- Investment Options: Provide attractive and secure investment options for girls and women.
- Interest Rate: Offers fixed interest of 7.5% per annum, compounded quarterly.
- Investment Limit: The maximum investment ceiling is Rs. 2,00,000 with flexible investment options.
- Tenure: The scheme has a duration of 2 years.
- Interest Credit: Interest is compounded quarterly and credited to the account.
Note:
- The interest payable to the account holder in respect of any account opened or deposit made which is not in consonance with the provisions of this Scheme shall be payable at the rate applicable to the Post Office Savings Account.
Eligibility
- Age
- 5 to 80 years
- Gender
- Female
- The applicants must have Indian citizenship.
- This scheme is only for women and girl children.
- Any Individual Woman can apply under the scheme.
- The minor account can also be opened by the guardian.
- There is no upper age limit, and women of all ages can avail the benefits of this scheme.
Note: An account opened under this Scheme shall be a single-holder type account.
Deposits:
- An individual may open any number of accounts subject to the maximum limit for deposit and a time gap of three months shall be maintained between the existing account and the opening of other accounts.
- A minimum of Rs. 1000/- 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.
- A maximum limit of Rs. 2,00,000/- shall be deposited in an account or accounts held by an account holder.
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 maturity.
- In calculating the maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee, and for this purpose; any amount of fifty paisa or more shall be treated as one rupee, and any amount less than fifty paisa shall be ignored.
Withdrawal from account:
- The account holder shall be eligible to withdraw a maximum of up to 40% 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.
- 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 by submitting the specified certificate to the accounts office.
- In calculating the withdrawal from the account, any amount in fraction of a rupee shall be rounded off to the nearest rupee, and for this purpose; any amount of fifty paisa or more shall be treated as one rupee, and any amount less than fifty paisa shall be ignored.
Who cannot apply
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Documents
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1. Passport size photograph
2. Proof of age, i.e. Birth Certificate
3. Aadhaar Card
4. PAN Card
5. Pay-in-Slip along with deposit amount or cheque
6. The following documents are accepted as valid documents for the purpose of identification and address proof:
Application steps
Offline
Application Process:
Step 1: The applicant can visit the nearest Post Office Branch or a designated bank to collect the application form or download it from the official website.
Step 2: Fill out the application form and attach all the required documents.
Step 3: Fill out the declaration and nomination details.
Step 4: Submit the application form with the initial amount of investment/deposit.
Step 5: Receive the certificate that serves as proof of investment in the ‘Mahila Samman Savings Certificate’ scheme.
Note: 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 on or before March 31, 2025.
Premature closure of account:
1. 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, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the account.
2. Where an account is prematurely closed under sub-paragraph 1, interest on principal amount shall be payable at the rate applicable to the Scheme for which the account has been held.
3. Premature closure of an account may be permitted, any time after the completion of six months from the date of opening of an Account, for any reason other than provided under sub-paragraph 1, and in which case the balance as stood from time to time in the account shall be eligible only for the interest rate less by 2% than the rate specified in this Scheme.
4. In calculating the maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose; any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
Questions and answers
What is the 'Mahila Samman Savings Certificate' scheme?
It is a small savings scheme introduced by the Government of India for women with a maturity period of two years. A woman or guardian of a girl child can open this account and deposit a maximum amount of Rs. 2 lakhs.
What is the interest rate of the Mahila Samman Savings Certificate?
The interest rate is 7.5% p.a., credited quarterly and paid at the time of closure of the account.
Who can open an account under the scheme?
1. A woman for herself.
2. A guardian on behalf of a minor girl.
What is the benefit of the scheme?
Women will get a 7.5% interest p.a. for the one-time deposit made by them at the end of two years.
Where to open under the scheme?
Applicants can open an account through their nearest Post Office Branch or Bank.
When is the investment period for this scheme?
The scheme is available for investment for a duration of two years, starting from April 1, 2023, to March 31, 2025.
What is the minimum and maximum investment allowed?
The minimum investment amount for this scheme is Rs. 1000/-, while the maximum deposit in a single account is capped at Rs. 2 lakhs.
When does the maturity of the account occur?
After two years from the date of opening, the eligible balance will be paid to the depositor.
Can the Mahila Samman Savings Certificate be closed prematurely?
Yes, investors can close the account before two years in certain situations, including after six months of opening without providing any reason. In such a case, an interest rate is less by two percent. Other situations for premature closure include the death of the account holder or extreme compassionate grounds.
How does the withdrawal process work?
40% of the eligible balance can be withdrawn after one year from the date of account opening.
Under what circumstances can pre-mature closure occur?
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, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the account.
Official portal and guidelines
Applications are submitted only on the provider's own portal. jsrr.in does not accept forms, documents or fees.
Documents from the provider
- Guidelines dea.gov.in, PDF
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This entry reproduces the official listing and has not yet been rewritten or reviewed by our team. Read the official call before you apply.
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