✅It is a new small savings scheme launched specifically for female investors and was announced in Budget 2023 to promote investment among women.
✅Accounts opened under this scheme will be single-holder accounts that can be opened at the Post Office or any registered bank.
✅Who can open a Mahila Samman Savings account: Any woman can open a Mahila Samman account that can be opened for herself or on behalf of a little girl.
✅A time gap of three months shall be maintained between the existing account and the opening of other account.
✅Limit on minimum and maximum investment: The minimum investment amount is Rs 1000, and the maximum investment authorised under the plan is Rs 2 lakh.
✅Interest rate: 7.5% annually
Payment on maturity: After two years from the date opening eligible balance will be paid to the depositor.
✅Withdrawal from account: The account holder may withdraw up to 40% of the balance after the first year from the date of account opening but before the account matures.
✅Premature closure of account: The account shall not be closed before maturity except in the following cases, namely:
🔰On the death of the account holder
🔰On extreme compassionate ground
🔰Life threatening decease of account holder
🔰 death of the guardian on production of relevant documents.
✅When an account is closed prematurely, interest on the principal amount is payable at the rate applicable to the Scheme for which the account was held.
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