BOI Mahila Samman Savings Certificates: This scheme offers a minimum of Rs. 1000 offers an interest rate of 7.5% per annum compounded quarterly.
Bank of India, one of the largest public sector banks in India has officially launched Mahila Samman Savings Certificate, 2023. Bank of India is the first bank to implement the facility provided by post office in the bank.
The Hon’ble Finance Minister, Mrs. Nirmala Sitharaman, announced this flagship scheme on February 1, 2023 during her budget speech for the financial year 2023-2024. Under this scheme individual girls or women or guardians on behalf of minor girls can open an account for Mahila Samman Savings Certificate.
Can deposit a minimum amount of Rs.1000 and multiples of Rs.100, while a maximum amount of Rs. A limit of up to 200,000/- can be deposited.
A person can open any number of accounts with a gap of three months between each account. But his investment limit is a total of Rs. 2,00,000 is required. Deposits made under this scheme will earn an attractive interest of 7.5% per annum compounded quarterly and credited to the account. All earnings under Mahila Samman Savings Certificate will be taxable as per existing income tax provision.However, TDS (Tax Deducted at Source) will not be deducted under the scheme.
Maturity
The account will mature after two years from the date of opening and under this scheme the account can be opened till 31/03/2025. The scheme also provides the facility of nomination. Account can be prematurely closed in case of death of the holder. On extreme case basis the holder can avail the benefit of premature closure of the account in case of terminal illness or death of the guardian, where the maintenance or continuation of the account causes undue hardship to the holder.
Compensation
In case of premature closure of the account subject to the above conditions, interest rate applicable on the scheme ie 7.5% will be payable on the principal amount.
The customer may request closure of the account in case of emergency or at his discretion after six months from the date of opening of the account with 2% penalty and applicable interest rate will be 5.5%. The holder can also make partial withdrawal up to 40% of the balance due after one year from the date of account opening.
Till now only Post Offices were authorized to open accounts under Mahila Samman Savings Certificate, but Government through Gazette Notification dated 27-06-2023 has allowed Scheduled Banks to offer this facility and Bank of India is the first bank to roll out this scheme. is
