This women savings scheme offers higher interest rate than 2-year bank FD and ends on March 31, 2025 Currently this scheme is offering higher interest rate than 2-year interest rate of bank FDs
The Mahila Samman Savings Scheme was announced in Budget 2023. It was designed specifically for women and girl investors. As per the budget announcement, the scheme is a one-time small savings scheme for women and girls to encourage them to save and invest. Currently this scheme is offering higher interest rate than 2-year interest rate of bank FDs. The last date to invest in Mahila Samman Savings Scheme is March 31, 2025.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
Comparison of Mahila Samman Savings Scheme with 2-year bank FDs
Deposits under Mahila Samman Savings scheme is eligible for an annual interest rate of 7.5%. The interest is compounded quarterly. This is credited to the account and paid at the time of closure. The interest offered on the scheme is currently higher than the 2-year bank FDs. For instance,State Bank of India (SBI): Offers 6.80% for regular customers and 7.30% for senior citizensHDFC Bank: Offers 7.00% for regular customers and 7.50% for senior citizensAxis Bank: Offers 7.10% for regular customers and 7.60% for senior citizensIndusInd Bank: Provides 7.25% for regular customers and 7.75% for senior citizens Post Office Term Deposits (2 years): Offers an interest rate of 7%.Get FD interest rate up to 8.05%: Check these special FD deadlines in 2025
(The interest rate is on bank FD and post office term deposit is on January 10,2025.)
Before you rush to invest, here are all the scheme features that you should know before investing on or before March 31, 2025.
Who can invest in the Mahila Samman Savings Certificate?
The Mahila Samman Savings Certificate scheme can be opened by a woman in her own name or by a guardian on behalf of a minor girl.
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What is the maximum amount allowed under Mahila Samman Savings Scheme?
The deposit amount must be a minimum of Rs 1,000 and in multiples of Rs 100, with a maximum limit of Rs 2,00,000 across all accounts held by the account holder. A time gap of three months must be maintained between opening an existing account and any subsequent account. Any accounts opened in violation of the scheme rules will earn interest equivalent to that of a Post Office Savings Account.The account opened under this scheme should be a single holder type account.
What is the last date to invest in Mahila Samman Savings Scheme?
Investment in Mahila Samman Savings Scheme was announced from April 1, 2023. The scheme has been made available for a two-year period for investment i.e. till March 31, 2025,. unless last date is extended by the government.Documents required to open Mahila Samman Savings Scheme
To open an account, applicants must submit an Account Opening Form, KYC documents (Aadhaar and PAN card), a KYC form for new account holders, and a Pay-in Slip along with the deposit amount or cheque at the nearest post office or a bank branch.How to invest in Mahila Samman Savings Scheme
Apart from Post Office, banks such as Bank of Baroda, Canara bank, Bank of India, PNB, and Union Bank of India offer Mahila Samman Savings Scheme. Woman investor or parents of girl child can visit the branch of a post office or a bank to open the account under the scheme.What are the withdrawal rules under Mahila Samman Savings Scheme
Account holders can withdraw up to 40% of the eligible balance after one year from the date of account opening. Premature closure of the account is permitted in specific cases, such as the death of the account holder or on compassionate grounds like life-threatening illness of the account holder or the death of the guardian, provided relevant documents are submitted. In these cases, the scheme interest rate will be paid on the principal amount. If an account is closed after six months of opening without any specific reason, the interest rate will be 5.5% i.e., scheme rate minus 2%).When will Mahila Samman Scheme account mature?
The scheme account will matures two years from the date of opening. On maturity, the eligible balance (principal and interest) will be paid to the depositor.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
