Account opened or deposited in violation of rules will not be eligible for interest on Post Office Savings Account. Up to 40 percent of the eligible balance can be withdrawn after one year from the date of account opening.
Post Office Mahila Samman Savings Card is a very special saving scheme for women in Post Office. This scheme gives women an opportunity to save with excellent returns. Mahila Samman Savings Certificate Scheme was announced by Finance Minister Nirmala Sitharaman in the Budget 2023-24. Mahila Samman Savings Certificate is a risk free scheme dedicated to women and girls of all age groups. This scheme has been designed with the intention of encouraging women and girls to save and invest.
Account Opening and Investment
Any woman can open Post Office Mahila Samman Savings Patra Account. Apart from this, guardians can also open an account under this scheme on behalf of the minor girl. According to the official website of India Post, in this scheme you can deposit a minimum of Rs 1000 and then in multiples of 100. But keep in mind, an account holder can deposit only a maximum of Rs 2 lakh in the Mahila Samman Savings Certificate Scheme. After opening one account, there must be a gap of at least three months between opening another account.
Interest rates and withdrawal rules
At present, an interest rate of 7.5 percent is being offered on the amount invested in this scheme of the Government of India. Interest is compounded on quarterly basis and credited to the account and paid at the time of account closure. Let us tell you, the account or deposit opened in violation of the rules will be eligible for interest on post office savings account. Up to 40 percent of the eligible balance can be withdrawn after one year from the date of account opening.
The account will be closed prematurely only then
In case the account holder dies, on extremely compassionate grounds, the account holder develops a life threatening illness, the account can be prematurely closed on death of the guardian on production of relevant documents. Yes, in this case interest will be given on the principal amount. If the account is closed without giving any reason, then you will get two percent less interest on the amount deposited in it than the fixed rate. That means instead of 7.5 percent you will get only 5.5 percent.
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