The Government of India launched the Mahila Samman Savings Certificate Scheme 2024. To increase the habit of saving among the female citizens of India the Government of India introduced the Mahila Samman Savings Certificate Scheme 2024. Under this scheme, the female citizens of India can open up a savings account in their name which will provide a higher interest rate than the normal account. The maturity period of the savings account under the scheme is 2 years. Only the female citizens of India are eligible to avail the benefits of the Mahila Samman Savings Certificate Scheme 2024. All the applicants who clear the eligibility criteria must fill out the application form and available the benefits of this scheme.
What is Mahila Samman Scheme?
The scheme was introduced by the finance minister of India Mrs Nirmala Sitaraman to provide financial security to all the female citizens of the country. The interest rate under the scheme is relatively higher than any other scheme which is 7.5% per annum. This scheme will increase the habit of saving among the female citizens which will eventually help them in the future. The maximum limit of deposit under the scheme is INR 2 lakh and the minimum deposit under the scheme is INR 1000. Since the scheme is introduced by the government itself there is no risk involved in the deposit.
Also Read: Post Office Scheme for Women
Helpful Summary of Mahila Samman Savings Certificate Scheme
| Name of the scheme | Mahila Samman Savings Certificate Scheme |
| Introduced by | Government of India |
| Objective | Provide saving account |
| Beneficiaries | Female citizens of India |
| Official website |
Eligibility Criteria
- The applicants must be a permanent resident of India.
- The applicant must be a female citizen.
Benefits of Mahila Samman Savings Certificate Scheme
- The Government of India launched the Mahila Samman Savings Certificate Scheme to encourage the female citizen to do more saving.
- The applicants can deposit an amount under INR 2 lakh which will eventually help them in the future.
- The interest rate under the scheme is relatively higher than any other interest in any Saving Scheme.
- The maturity period under the scheme is only 2 years.
- The applicants can also deposit a minimum amount of INR 1000 under the Saving Scheme.
Also Read: Udyogini Scheme for Women Entrepreneurs
Interest Rate
- The interest rate under the Mahila Samman Savings Certificate Scheme 2024 is 7.5% per annum.
Deposit Limit and Maturity Period
- The maximum deposit limit under the Mahila Samman Savings Certificate Scheme 2024 is INR 2 lakh.
- The minimum deposit under the Mahila Samman Savings Certificate Scheme 2024 is INR 1000.
- The maturity period under the Mahila Samman Savings Certificate Scheme 2024 is 2 years.
Tax Benefits
- Tax Deducted at Source (TDS) is not deducted from the interest received under the Mahila Samman Savings Certificate Scheme 2024.
List of Banks
- Bank of Baroda
- Canara Bank
- Bank of India
- Punjab National Bank
- Union Bank of India
- Central Bank of India
Required Documents
- Aadhar Card
- Email ID
- Mobile Number
- Address Proof
- PAN Card
- Income certificate
How to Open Mahila Samman Savings Certificate Account in Post Office
STEP 1: All the applicants who want to Open a Mahila Samman Savings Certificate Account in the Post Office can visit the nearest post office.
STEP 2: Once the applicant visits the nearest post office the applicant must get the application form from the concerned official.
STEP 3: The applicant must start filling out the application form and enter all the details that are asked and attach all the necessary documents.
STEP 4: After entering all the details the applicant must review it and submit the application form back to the official.
STEP 5: Now the applicant must pay the deposit in cash or check form to the concerned official to complete their process.
How to Open Mahila Samman Savings Certificate Account in Bank
STEP 1: All the applicants who want to open a Mahila Samman Savings Certificate Account in the Bank can visit the nearest bank branch.
STEP 2: Once the applicant visits the nearest bank branch the applicant must get the application form from the concerned official.
STEP 3: The applicant must start filling out the application form and enter account type, payment, personal details, declaration, and nomination details.
STEP 4: After entering all the details the applicant must review it and submit the application form back to the official.
STEP 5: Now the applicant must pay the deposit in cash or check form to the concerned official to complete their process.
Premature Closure
- The premature closer is only available in the following cases:-
- On the death of the account holder.
- Medical support in case of life-threatening disease of the account holder.
- Death of the guardian resulting in undue hardship in the operation or continuation of the account.
- For the above categories of pre-closures, interest on the principal amount shall be payable at the prescribed rate of interest for the scheme.
- Interest in case of such pre-mature closures shall be payable at a lower by 2% than the prescribed Rate of Interest for the scheme.
FAQs
Who is eligible to avail of the benefits of the Mahila Samman Savings Certificate Scheme 2024?
All the female citizens of India regardless of age are eligible to avail the benefits of the Mahila Samman Savings Certificate Scheme 2024.
What is the maximum amount to be deposited under the Mahila Samman Savings Certificate Scheme 2024?
The maximum amount of INR 2 lakh will be deposited under the Mahila Samman Savings Certificate Scheme 2024.
What is the interest rate under the Mahila Samman Savings Certificate Scheme 2024?
The interest rate of 7.5% per annum is available under the Mahila Samman Savings Certificate Scheme 2024.