Mahila Samman Saving Certificate Scheme matures after two years. But if a woman needs this amount before two years, can she do pre-mature closure? Know about it here.
Mahila Samman Saving Certificate (MSSC) scheme is run by the Government of India with the aim of encouraging women to save. Women can invest a maximum of Rs 2 lakh in this scheme. This is a deposit scheme in which interest is available at the rate of 7.5 percent.
This scheme matures after two years, that is, if you deposit two lakh rupees in it, you will get it along with interest only after two years. But if a woman needs this amount before two years, can she do pre-mature closure (MSSC Premature Closure Rules)? If yes, what are its rules? Know about these rules here-
MSSC can make partial withdrawal after one year
According to the rules, after completion of 1 year in Mahila Samman Savings Certificate Scheme, you get permission for partial withdrawal. In such a situation, you can withdraw up to 40 percent of the deposited money. That means, if you have deposited Rs 2 lakh, then after one year you can withdraw Rs 80 thousand.
Premature closure rules
If you want to close the account before maturity and withdraw the entire amount, then you get this permission only under some special circumstances like-
- On death of the account holder
- In case of serious illness of the account holder, death of a guardian etc.
- But for this you will have to provide relevant documents. After six months from the date of account opening without any reason. But in this situation your interest rate gets reduced by 2%. That means you will get interest at the rate of 5.5 percent instead of 7.5 percent.
Who can open this account
The aim of MSSC is only to help women increase their money by saving by giving more interest. Women of any age can invest in it. The guardians of a minor girl can invest in this scheme in her name. At present, interest is being given on it at the rate of 7.5 percent, but even if the government changes its interest rate in between, it will not affect the already opened account. That is, whatever interest rate is prescribed from the date of opening of the account, it will remain applicable till maturity.
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