Mahila Samman Savings Scheme bank list

Eligible Banks for Opening a Mahila Samman Savings Scheme Account: Complete List

The Mahila Samman Savings Scheme is a small savings scheme offered by the Government of India specifically for women investors. It is a one-time scheme available for two years, from April 2023 to March 2025, and has been operational since April 1, 2023, through the Department of Post. Besides India Post, a few select banks offer the Mahila Samman Savings certificate. These banks include:

• Bank of Baroda
• Canara Bank
• Bank of India
• Punjab National Bank
• Union Bank of India

Key Features

Interest Rate:

The Mahila Samman Savings Scheme offers an interest rate of 7.5% per annum, which is compounded quarterly and credited to the account.

Deposit Limits:

• Minimum Deposit: ₹1000
• Maximum Deposit: ₹200000
• Deposits must be made in multiples of ₹100, and only one deposit is allowed per account. However, there is no limit on the number of accounts a single depositor can hold, as long as the cumulative deposit amount does not exceed ₹200000.

Interest Payment:

The eligible interest is paid at the time of account closure, whether it is a regular closure, pre-closure, or partial withdrawal.

Participating Banks

Apart from India Post, the Mahila Samman Savings Scheme is available at the following banks:

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

Pre-Mature Closure

Pre-mature closure of the Mahila Samman Savings account is permitted under specific circumstances:

• Death of the account holder
• Medical emergencies involving life-threatening diseases of the account holder
• Death of the guardian, resulting in undue hardship

Conclusion

The Mahila Samman Savings Scheme is a beneficial initiative by the Government of India to encourage women to save by offering attractive interest rates and flexible deposit limits. While the scheme is available through India Post, it can also be accessed through a limited number of banks, namely Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank, and Union Bank of India. This scheme provides women with a secure and profitable avenue for investment over its two-year duration.

FAQs

1. What is the Mahila Samman Savings Scheme?

• It is a small savings scheme offered by the Government of India exclusively for women investors, available from April 2023 to March 2025.

2. What is the interest rate for the Mahila Samman Savings Scheme?

• The scheme offers an interest rate of 7.5% per annum, compounded quarterly.

3. What are the deposit limits for the scheme?

• The minimum deposit is ₹1000, and the maximum deposit is ₹200000. Deposits must be made in multiples of ₹100, and only one deposit is allowed per account. However, a single depositor can have multiple accounts, with a cumulative deposit limit of ₹200000.

4. Which banks offer the Mahila Samman Savings Scheme?

• The scheme is available at Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank, and Union Bank of India.

5. What happens in case of pre-mature closure of the account?

• Pre-mature closure is allowed in cases of the account holder’s death, medical emergencies involving life-threatening diseases, or the death of the guardian, resulting in undue hardship.

6. How is the interest paid?

• The eligible interest is paid at the time of account closure, whether it is a regular closure, pre-closure, or partial withdrawal.

Mahila Samman Savings Scheme bank list

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