Empower Yourself | Hyderabad, April 4 (Hydnow): Mahila Samman Savings Scheme is a new small savings scheme aimed at encouraging women investors.
As part of Azadi Ka Amrit Mahotsav, the Central government has introduced this scheme for women empowerment in Budget 2023. It came into effect on April 1. Women can save or invest through this scheme Rs. 1,000 maximum per month and a minimum investment of Rs. 1.50 lakhs, the account can be opened at the Post office or any authorized bank. Additionally, the scheme allows emergency withdrawal after a year with some nominal penalty charges.
Mahila Samman Saving Scheme can be opened by women themselves or as a guardian on behalf of a minor girl child. Only one account can be opened in one’s name. Women investors should fill out Form-1
In this scheme minimum of Rs. 1,000 up to Rs. 2 lakhs can be invested. The interest rate of 7.5 percent per annum can be earned on the amount deposited in this scheme. This interest rate is compounded every three months and credited to the account.
According to the Ministry of Finance notification dated March 31, 2023. “Any account opener or depositor who does not comply with the provisions of this scheme shall pay the interest due at the applicable rate of Post Office Savings.
The deposit matures after two years from the date of deposit. Account holders can avail of the balance by submitting a Form-2 application. withdrawal can be made at any time after the completion of the first year from the date of account opening. The account holder can only withdraw up to 40 percent of the balance by submitting a Form-3 application. (Hydnow)
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