SB Order No: 05/2023 | Mahila Samman Savings Certificate, 2023

SB Order No: 05/2023

Introduction of the new scheme “Mahila Samman Savings Certificate, 2023" Circulation of Notification regarding.

All Head of Circles / Regions

Subject: Introduction of new scheme, “Mahila Samman Savings Certificate, 2023”

circulation of Notification regarding.

Sir/Madam,

The  Ministry  of  Finance  (DEA)  has  issued  notification  G.S.R. 237(E) dated 31.03.2023 in connection with introduction of new scheme ‘Mahila Samman Savings Certificate, 2023”. This scheme shall be governed by this notification. Copy of the notification is enclosed.

2. Mahila Samman Savings Certificates, 2023 (MSSC): - Salient Features

(a) Type of Account

    (i) Account under this scheme can be opened for an individual girl or woman in whose

name the account is held.

    (ii) On an application to the post office in prescribed form, a Single Holder Type

Account may be opened on or before 31.03.2025 by a woman for herself, or by the guardian

on behalf of a minor girl.

(b) Deposits

    (i) A minimum of one thousand rupees and any sum in multiples of one hundred

rupees may be deposited in an account. Thereafter, no subsequent deposit shall be allowed in

the account.

    (ii) There shall be a maximum limit for deposit of Rs. Two lakh in an account or

in all accounts under this scheme held by an account holder.

    (iii) An individual may open any number of accounts in the scheme subject to the

maximum limit for deposit Rs. 2 Lakh and a time gap of three months between the existing

account and the opening of another account. For example, an account holder who opened an

account on 05.04.2023 with an amount Rs. 50,000, can open another account on or after

05.07.2023 with balance amount Rs. 1.50 lakh or part thereof.

(c) Interest

    (i) The rate of interest applicable to the deposits under this scheme is 7.5 per cent per

annum. The interest shall be compounded on quarterly basis and credited to the account.

    (ii) Post Office Savings Account interest shall be payable on an account opened or

maintained, in contravention of this scheme.

(d) Withdrawal from account

    (i) The account holder shall be eligible to withdraw for maximum up to 40 per cent

of the eligible balance once after the expiry of one year from the date of opening of the

account but before the maturity of the account by making application in prescribed form.

    (ii) In case an account opened on behalf of a minor girl, the guardian may apply for the

withdrawal for the benefit of the minor girl by submitting the following certificate to the post

office namely: - “ Certified that the amount sought to be withdrawn is required for the use and

welfare of Miss/Kumari                    who is a minor girl and is alive on this …………….. day ……………. of …………(month)      (year).

(e) Payment on Maturity

    The account shall mature on completion of two years from the date of the account

opening. Eligible Balance may be paid to the account holder on an application in Form-2

submitted to the post office concerned on  maturity.

(f) Premature closure of account

    (i) Account shall not be closed before maturity except in the following cases, namely:

        (a) On the death of the account holder,

        (b) Where the post office is satisfied, in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the Account holder or death of the guardian, that the operation or continuation of the Account is causing undue hardship to the Account holder, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the Account.

Note: - In case of premature closure an application from the account holder/guardian shall be

obtained along with certificate of treating doctor or death certificate of guardian shall be

obtained.

    (ii) Where an account is prematurely closed under conditions mentioned in para (f) (i) above., interest on principal amount at the rate applicable to the scheme for which the account has been held shall be payable. 

    (iii) Premature closure of an Account may be permitted, any time after the completion

of six months from the date of opening of an account by submitting prescribed form, for any

reason other than mentioned in para (f) (i) above, in such cases account shall be eligible only

for the interest rate less by two per cent points than the rate specified for this scheme (viz.

5.5%).

3. The provisions of the Government Savings Promotion General Rules, 2018 shall, so far as

may be, apply in relation to the matters for which no provision has been made in this Scheme.

4. For operation of this scheme in Finacle a “Standard Operating Procedure (SOP) has

been prepared and enclosed as Annexure.

5. Various forms prescribed for the scheme in the notification should be used. However, till

the receipt of Form-1 for opening of account, existing SB-AOF form for opening of account

may be used and it shall be ensured that declaration prescribed in para 3(2) of SB_AOF in

respect of details of existing Mahila Samman Savings Certificate, shall be obtained from the

account holder. For withdrawal from the account form SB-7C, for premature closure of

account form SB-7B and for maturity closure form  SB-7A may be used.

6. This may be circulated to all the Offices for information and necessary actions. A wide

publicity should be given to this scheme on various platforms/modes.

7. This is issued with the approval of competent authority.

Encl: As above.

Yours faithfully

(DEVENDRA SHARMA)

Asst. Director (SB-II)