Big news for everyone. The Narendra Modi government has rolled out a bunch of initiatives aimed at empowering women, and one standout is the Mahila Samman Savings Certificate (MSSC). So far, over 45 lakh accounts have been set up under this program designed for women and young girls. Plus, it offers some pretty attractive interest rates for women investors.
As for the details, you can kickstart an account with just Rs 1000, and you can deposit up to Rs 2 lakh. The account has a two-year term, and it boasts an interest rate of 7.5% per year, which is compounded quarterly and added to your balance. If you need to, you can also make partial withdrawals or close the account early for compassionate reasons.
Who’s eligible to open an account? Well, any woman can do it, and guardians can set up accounts for minor girls too. If you decide to withdraw early, you can take out up to 40% of the total amount after the first year.
Customers can set up several accounts with this scheme, but they can only open a second account after waiting three months from when they opened the first one. Also, the total amount deposited across all accounts can’t go over Rs 2 lakh. You can nominate up to 4 people for each account.
For the required documents, you’ll need a passport-sized photo, PAN card, and Aadhar card to open an account under the Mahila Samman Savings Certificate Scheme. Alternatively, you can use a passport and PAN card.
Driving licenses and voter ID cards are also accepted.
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