Last Updated on April 9, 2023
In this edition of the FAQ, we discuss the features of the Mahila Samman Savings Certificate, 2023, a new small savings scheme announced in Budget 2023
Who can invest? Women and minor girls via their guardians.
Where can we open the Mahila Samman Savings Certificate account? At post offices or notified banks.
What is the last date of investment? March 31st, 2025.
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What is the investment limit? Min: Rs. 1000 and Max. Rs. 2 lakhs
How many times in a year can I invest? If it is two lakhs, investment can only be made one time at the time of opening. No subsequent investments are possible. If the investment is less than two lakhs initially, a second account can be opened three months later. But the overall total investment across all accounts cannot exceed Rs. two lakhs. Thanks to Prakash Shanmugam for pointing this out.
What is the interest rate? 7.5% compounded quarterly and credited to the account from time to time. If the account does not comply with the provisions of the scheme (e.g. if a male opens the account), then only the post office savings account interest rate will be offered.
What is the investment tenure? Two years from the date of opening.
Withdrawal rules? After one year, up to 40% of the account balance can be withdrawn.
Can the account be closed before maturity? Possible only in the following cases: Death of the account holder, valid and verifiable compassionate reasons such as the account holder’s life-threatening illnesses o or the death of the guardian.
If you wish to pre-close for any other reason, it is possible only after six months from the opening date. However, the effective interest rate will be reduced by 2% to 5.5% as a penalty.
What are the account opening and closing charges?
- Rs. 40 for cash payment (account creation)
- Rs. 9 for electronic payment (account creation)
- Rs. 6.5 paise per Rs. 100 paid out at redemption
Who should invest? Certainly not anyone who is reading this! It is a small savings scheme! At least not for themselves. They can encourage their eligible household or office staff to invest or can open an account for them.
Other articles in our FAQ series
- FAQ on index investing
- FAQ: Super top-up Health Insurance policy
- FAQ: Target Maturity Debt Mutual Funds
- FAQ: How inflation affects our ability to manage money
- FAQ on Mutual Fund Systematic Withdrawal Plans (SWPs)
- FAQ on gilt mutual funds: essentials investors should know
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