Posted on

Govt. Notifies Mahila Samman Savings Certificate Scheme 2023

The Department of Economic Affairs under the Ministry of Finance has notified Mahila Samman Savings Certificate Scheme 2023 by issuing a 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 could also be known as the Mahila Samman Savings Certificate, 2023. It shall come into pressure on the date of its publication within the Official Gazette.

In this Scheme, except the context in any other case requires,-

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

Words and expressions used herein however not outlined shall have the meanings respectively assigned to them within the Act and the General Rules.

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

(2) An account opened underneath this Scheme shall be a single-holder kind of account.

Deposits: (1) An individual might open any variety of accounts topic to the utmost restrict for deposit laid out in sub-paragraph (3) and a time hole of three months shall be maintained between the present account and the opening of different accounts.

(2) A minimum of 1 thousand rupees and any sum in multiples of 100 rupees could also be deposited in an account and no subsequent deposit shall be allowed in that account.

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

Interest: (1) The deposits made underneath this Scheme shall bear curiosity on the charge of seven.5 per cent. every year.

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

(3) The interest payable to the account holder regarding any account opened or deposit made which doesn’t align with the provisions of this Scheme shall be payable on the charge relevant 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 could also be paid to the account holder on software in Form-2 submitted to the accounts office on maturity.

(2) In calculating the maturity worth, any amount in a fraction of a rupee shall be rounded off to the closest rupee. For this purpose, any amount of fifty paisa or extra shall be handled as one rupee and any amount less than fifty paise shall be ignored.