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Mahila Samman Financial savings Certificates, 2023


On this version of the FAQ, we focus on the options of the Mahila Samman Financial savings Certificates, 2023, a brand new small financial savings scheme introduced in Price range 2023

Who can make investments? Girls and minor women through their guardians.

The place can we open the Mahila Samman Financial savings Certificates account? At put up workplaces or notified banks.

What’s the final date of funding? March thirty first, 2025.

What’s the funding restrict? Min: Rs. 1000 and Max. Rs. 2 lakhs

What number of instances in a 12 months can I make investments? Funding can solely be made one time on the time of opening. No subsequent investments are attainable.

What’s the rate of interest? 7.5% compounded quarterly and credited to the account every so often. If the account doesn’t adjust to the provisions of the scheme (e.g. if a male opens the account), then solely the put up workplace financial savings account rate of interest can be supplied.

What’s the funding tenure? Two years from the date of opening.

Withdrawal guidelines? After one 12 months, as much as 40% of the account stability could be withdrawn.

Can the account be closed earlier than maturity? Attainable solely within the following circumstances: Loss of life of the account holder, legitimate and verifiable compassionate causes such because the account holder’s life-threatening sicknesses o or the loss of life of the guardian.

When you want to pre-close for every other motive, it’s attainable solely after six months from the opening date. Nevertheless, the efficient rate of interest can be decreased by 2% to five.5% as a penalty.

What are the account opening and shutting expenses?

  • Rs. 40 for money cost (account creation)
  • Rs. 9 for digital cost (account creation)
  • Rs. 6.5 paise per Rs. 100 paid out at redemption

Who ought to make investments? Definitely not anybody who’s studying this! It’s a small financial savings scheme! At the very least not for themselves. They will encourage their eligible family or workplace workers to take a position or can open an account for them.

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