You can open Mahila Samman Savings Scheme account only with these banks: List

The Mahila Samman Savings scheme is a small savings scheme which is offered by the Government of India to women investors. It is a one-time scheme available for two years, from April 2023-March 2025 and has been in operation since April 1, 2023 through the Department of Post. Other than India Post, only few banks offer Mahila Samman Savings certificate which include Bank of Baroda, Canara Bank, Bank of India, PNB and Union Bank of India.

What are the deposit limits?

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The minimum deposit is ₹1000 and that maximum deposit is ₹200000. Deposit amounts must be in multiples of ₹100 and only one deposit is allowed in one account. But there is no limit on the number of accounts for a single depositor id the cumulative amount in all the accounts under this scheme shall not exceed ₹200000.

What is the rate of interest for Mahila Samman Savings scheme?

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The scheme has a rate of interest 7.5% per annum which is compounded quarterly and credited to the account. The eligible interest is paid at the time of closure, in case of pre-closure or in case of partial withdrawal of the account.

In which banks has Mahila Samman Savings been launched?

1. Bank of Baroda
2. Canara Bank
3. Bank of India
4. Punjab National Bank
5. Union Bank of India

What happens in case of pre-mature closure?

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Pre-mature closure is permitted in the scheme in the following cases: on the death of the account holder, medical support in case of life-threatening disease of the account holder, death of the guardian resulting in undue hardship.

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