Overview of Mahila Samman Saving Certificate Scheme
The Mahila Samman Saving Certificate Scheme is a government initiative aimed at providing financial assistance to women. This scheme allows individuals to deposit amounts ranging from Rs 1000 to Rs 2 lakh in multiples of 100. While multiple accounts can be opened under this scheme, the total deposit in all accounts should not exceed Rs 2 lakh, with a minimum gap of 3 months between opening subsequent accounts. The interest rate offered is 7.5% per annum, with interest being credited every three months. The maturity period for this scheme is 2 years, with the option of partial withdrawal after one year.
Maturity Amount and Terms of the Scheme
Upon maturity of the Mahila Samman Saving Certificate Scheme, an investor who has deposited the maximum amount of Rs 2 lakh would receive an interest of Rs 32,044, resulting in a total payout of Rs 2,32,044. In the unfortunate event of the account holder’s death, the nominee or family members can withdraw the deposit amount. Additionally, withdrawals can be made in case of life-threatening illnesses for medical assistance. The scheme also allows for account closure after 6 months of opening, with a penalty of 2% less interest if closed before maturity.
Benefits and Considerations
The scheme offers a guaranteed return on investment with almost no risk involved, making it an attractive option for women looking to save for the future. The availability of tax benefits and the option for monthly income further enhance the attractiveness of this scheme. By providing financial assistance and security, especially during retirement, the Mahila Samman Saving Certificate Scheme aims to empower women and promote financial independence. Overall, this government initiative through the post office is a valuable way for women to save and secure their financial future.
