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Publish Workplace Mahila Samman Financial savings Certificates (Mahila Samman Bachat Patra): Launched in April 2023, the Mahila Samman Financial savings Certificates scheme is a women-focused government-guaranteed small financial savings scheme aimed toward selling the monetary progress of ladies. The Mahila Samman Financial savings Certificates, also called Mahila Samman Bachat Patra, is on the market at publish workplaces, PSU banks in addition to choose non-public banks. A limited-period small financial savings scheme, the Mahila Samman Financial savings Certificates is on the market as much as March 31, 2025.
The Publish Workplace Mahila Samman financial savings scheme permits eligible clients to open a number of accounts amounting as much as Rs 2,00,000, in response to the India Publish web site, indiapost.gov.in.
Listed below are 10 key issues to know concerning the Mahila Samman Financial savings Certificates scheme, as per the India Publish portal:
1. Who can arrange a Mahila Samman Financial savings Certificates account?
Ladies can put money into the certificates scheme for themselves or on behalf of a minor lady youngster.
2. Mahila Samman Financial savings Certificates rate of interest
The Mahila Samman financial savings scheme presents an annual flip of seven.5 per cent, compounded quarterly, as of the quarter ending March 31, 2024. This primarily signifies that a deposit of Rs 10,000 within the scheme grows to Rs 11,602 in two years.
3. Maturity interval
The Mahila Samman Bachat Yojana (Mahila Samman Financial savings Scheme) matures in a interval of two years from the date of opening the account.
4. open an account?
Eligible people can arrange a Mahila Samman Financial savings Certificates account by submitting the applying kind together with KYC paperwork (Aadhaar and PAN), a pay-in slip and the cash to be invested in money or cheque on the publish workplace.
5. How is the curiosity paid?
Upon maturity, the whole quantity (the principal in addition to the curiosity) is credited into the account of the depositor.
6. Minimal funding
The Mahila Samman Financial savings Certificates scheme permits a minimal funding of Rs 1,000 to arrange an account.
7. Most funding
An higher restrict of Rs 2 lakh is relevant per buyer throughout accounts.
Every account is allowed just one deposit, which must be in a a number of of Rs 100.
8. Are a number of accounts allowed?
The Mahila Samman Financial savings Certificates scheme permits a number of accounts by the identical depositor with a minimal hole of three months.
9. Is partial withdrawal permitted in Mahila Samman Financial savings Certificates scheme?
As much as 40 per cent of the steadiness may be withdrawn after the completion of 1 12 months from the date of opening.
10. Untimely closure
One may even shut a Mahila Samman Financial savings Certificates account prematurely after the completion of six months from the date of opening. Nevertheless, a untimely closure results in a 200 foundation factors (two share factors) lower within the relevant rate of interest.
In the meantime, here is the entire listing of rates of interest relevant to varied small financial savings schemes obtainable at publish workplaces, for the quarter ending March 31, 2024:
| Instrument | Rate of interest | Compounding Frequency |
| Publish workplace financial savings account | 4% | Yearly |
| One-year time deposit | 6.9% | Quarterly |
| Two-year time deposit | 7.0% | Quarterly |
| Three-year time deposit | 7.1% | Quarterly |
| 5-year time deposit | 7.5% | Quarterly |
| 5-year recurring deposit scheme | 6.7% | Quarterly |
| Senior Citizen Financial savings Scheme | 8.2% | Quarterly and Paid |
| Month-to-month Earnings Account | 7.4% | Month-to-month and paid |
| Nationwide Financial savings Certificates (VIII Subject) | 7.7% | Yearly |
| Public Provident Fund (PPF) Scheme | 7.1% | Yearly |
| Kisan Vikas Patra | 7.5% | Yearly |
| Mahila Samman Financial savings Certificates | 7.5% | Quarterly |
| Sukanya Samriddhi account | 8.2% | Yearly |
| (Supply: indiapost.gov.in) | ||
ALSO READ: This assured return scheme pays Rs 49,200 curiosity yearly on one-time Rs 6 lakh funding
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