Bank of India, one of the largest public sector banks in India, today launched Mahila Samman Savings Certificate, 2023 across all its branches. The launch was done through VC from Kar Kamals of the Bank, Shri Rajneesh, MD & CEO of the Bank. MD & CEO Mr. Rajneesh Karnataka has informed that Bank of India is the first bank to operate this scheme in all its branches. All Bank of India branches are authorized to open accounts under Mahila Samman Savings Certificate, 2023.

On this occasion, Dhar Zonal Manager Mr. Rajnikant Bhuyan started this ambitious scheme of the Government of India by issuing certificates to Dr. Sunita Sehta and Dr. Richa Upadhyay in the beginning of this scheme.

This important scheme was announced by our Honorable Finance Minister Smt. Nirmala Sitharaman in her budget speech for the financial year 2023-2023 on 1st February, 2023. In this scheme, a single girl or woman or guardian can open “Mahila Samman Savings Certificate” on behalf of a minor girl. The minimum investment in this is Rs. 1000/- and the account has Rs. 100/- in multiples of Rs. Amount up to 200000/- can be deposited. Any number of accounts can be opened by a single person provided the total amount invested is within the maximum limit of Rs.200000/- and there is a gap of at least three months between the opening of two accounts.
Deposits under this scheme will earn interest at the rate of 7.5% per annum. Interest will be calculated and credited to the account, compounded quarterly. All income under Mahila Samman Savings Certificate will be taxable as per extant income tax provisions, however TDS will not be deducted under this scheme.
The account will mature on completion of two years from the date of account opening and accounts can be opened under this scheme till 31/03/2025. Nomination facility is also available in the scheme. The account can be closed before maturity in case of death of the account holder. The account can be closed prematurely when the operation or continuation of the account is causing undue hardship to the account holder, on grounds of extreme compassionate circumstances like medical assistance in life-threatening illnesses of the account holder or death of a parent.

When an account is prematurely closed under the above conditions, interest on the principal amount will be payable at the rate applicable to the scheme i.e. 7.5% for the period of holding. The account can also be prematurely closed with a penalty of 5.5% i.e. 2%, after completion of six months from the date of account opening, in case of any other emergency or at the wish of the customer. Partial withdrawal facility can also be availed by the account holder by withdrawing up to 40% of the eligible balance after the expiry of 1 year from the date of opening of the account.