Earn 7.5% interest rate: PNB launches Mahila Samman Certificate An account opened under this Scheme will be a single holder type account
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3 banks offering Mahila Samman Savings Certificate, post off scheme earning 7.5% interest ratePunjab National Bank (PNB) launches Mahila Samman Certificate, 2023 for its women customers. PNB is the fourth bank to offer this small savings scheme. Mahila Samman Certificate intends to improve access to the scheme for girls and women. It was announced in the Budget 2023 by the finance minister, Nirmala Sitharaman.The Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices and qualified Scheduled Banks.
The Department of Economic Affairs, Ministry of Finance, by an e-gazette announcement published on June 27, 2023, authorised all Public Sector Banks and qualified Private Sector Banks to execute and operationalize the Mahila Samman Savings Certificate, 2023. Earlier, it was offered only by Post Office and has been in operation since April 1, 2023.
Under this Scheme, investment can be made by a woman for herself, or by the guardian on behalf of a minor girl on or before the 31st March, 2025. An account opened under this Scheme will be a single holder type account.
Mahila Samman Savings Certificate interest
The deposits made under Mahila Samman Savings Certificate will bear interest at the rate of 7.5 percent per annum. Interest shall be compounded on quarterly basis and credited to the account. Note that interest is taxable.Premature closure of account
1) The account will not be closed before maturity except in the following cases, namely:-(a) on the death of the account holder;
(b) 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 interest on principal amount will 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.
Withdrawal from account
The account holder can withdraw up to 40% of the Eligible Balance once after one year from the date of account opening but before the account matures by submitting an application in Form-3.
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This story originally appeared on: India Times - Author:Faqs of Insurances
