Govt. Notifies Mahila Samman Savings Certificate Scheme 2023

The Department of Economic Affairs under Ministry of Finance has notified Mahila Samman Savings Certificate Scheme 2023 via issuing Notification.

The Notification Stated, “In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme.”

This Scheme may be called the Mahila Samman Savings Certificate, 2023. It shall come into force on the date of its publication in the Official Gazette.

In this Scheme, unless the context otherwise requires,-

(a) “account” means an account opened under this Scheme;
(b) “account holder” means a girl or woman in whose name the account is held;
(c) “Act” means the Government Savings Promotion Act, 1873 (5 of 1873);
(d) “Form” means a form apprended to this Scheme;
(e) “General Rules” means the Government Savings Promotion General Rules 2018;
(f) “year” means a period of twelve months commencing from the date of deposit in the account.

Words and expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and in the General Rules.

Application for opening an account: (1) An application for opening an account under this Scheme shall be made by a woman for herself, or by the guardian on behalf of a minor girl to the Account Office in Form – I, on or before the 31st March, 2025.

(2) An account opened under this Scheme shall be a single holder type account.

Deposits: (1) An individual may open any number of accounts subject to the maximum limit for deposit specified in sub-paragraph (3) and a time gap of three months shall be maintained between the existing account and the opening of other account.

(2) A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account and no subsequent deposit shall be allowed in that account.

(3) A maximum limit of two lakh rupees shall be deposited in an account or accounts held by an account holder.

Interest: (1) The deposits made under this Scheme shall bear interest at the rate of 7.5 per cent. per annum.

(2) Interest shall be compounded on quarterly basis and credited to the account.

(3) The interest payable to the account holder in respect of any account opened or deposit made which is not in consonance with the provisions of this Scheme shall be payable at the rate applicable to the Post Office Savings Account.

Payment on maturity: (1) The deposit shall mature on completion of two years from the date of the deposit and the Eligible Balance may be paid to the account holder on an application in Form-2 submitted to the accounts office on maturity.

(2) In calculating the maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.

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