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”.
Salient features
(a) Who can open:-
(i) By a woman for herself.
(ii) By the guardian on behalf of a minor girl.
(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) Deposit
(i) Minimum of rupees one thousand and in multiple of rupees one hundred.
(ii) Maximum limit of rupees two lakhs in an account or all account hold by
an account holder.
(iii) A time gap of three months shall be maintained between the
existing account and the opening of other account.
(c) Interest
(i) Deposit shall eligible for 7.5 per cent interest per annum.
(ii) Interest will be compounded quarterly and credited in account and paid
at the time of closure of account.
(iii) Account opened or deposit made in-contravention of rules will be eligible
for interest @ PO Savings Account.
(c) Withdrawal
40% withdrawal of eligible balance can be taken after one year from the date
of account opening.
(d) Pre-mature closure
(i) On the death of the account holder
(ii) On extreme compassionate ground (i) Life threatening decease of account
holder (ii) death of the guardian on production of relevant documents.
Note:-Scheme interest will be paid on principal amount.
(iii) After six months of account opening without mentioning any reason.
Note:-Scheme interest less by 2 per cent will be paid e.g. 5.5%.
(e) Maturity
(i) After two years from the date opening eligible balance will be paid to the
depositor.
(f) How to open account
(i) Submit Account Opening Form, KYC Document (Aadhaar and PAN card),
KYC form for new account holder, Pay-in-Slip alongwith deposit
amount/cheque at nearest post office.
Standard Operating Procedure for operation of Mahila Samman Savings Certificates, 2023 in Finacle
(1) This scheme will be available in all post offices across the country i.e. HO/SO/BO.
Note: - Post offices may accept Bank Cheque along with Account Opening Form/KYC documents on 01.04.2023 and send the cheque for clearance through CTS. After receipt of clearance post offices will open account on or after 03.04.2023.
(2) However, the process for necessary modification in RICT CBS application for Branch Post Offices may take time.
(3) So, in order to facilitate rural customers to open account under the ‘Mahila Samman Savings Certificates, 2023’ at the GDS Branch Post Offices, Account can be opened in Branch Post offices through cheque or withdrawal form (SB-7) as per the procedure prescribed vide SB Order No. 22/2020 and SB Order No. 32/2020.
(4) For opening of account, Account Opening Form, KYC form (for new customer) and KYC documents as prescribed in rule 5 and 6 of Government Savings Promotion General Rules, 2018 should be obtained.
(5) Bank Cheque received for opening of the account under the scheme shall be lodged in SOL ID+0382 as prescribed in SB Order No. 24/2021.
(6) For opening of account in Finacle the following procedure shall be followed: -
o Invoke menu CMISAOP à GO
o Enter CIF ID à
o Product Group à MSSC
o Scheme Code à MSSC à Go (F4)
o Mode of Operation à select as applicable.
o Deposit Amount à Enter amount of account opening
o Nomination à Yes à Enter nominee details.
o Transaction (Click on check box)
o Select Cash or Transfer (In case of Transfer enter PO Savings Account No or SOL ID+0382.
o Click on Flow tab
o Submit
(i) Note down the Account ID and Tran ID on Account Opening Form/SB-103.
(ii) Supervisor shall verify the account opening by using menu CMISAOPV.
(iii) After verification of account passbook should be printed in HPBP menu and handover to the account holder/guardian.
(iv) The details of transaction carried out for Mahila Samman Savings Certificate will be available in Long Book Detailed Report and Long Book Consolidation Report.
(v) For relevant voucher shall be transferred to SBCO branch alongwith other vouchers.
(7) For premature closure and maturity closure of Mahila Samman Savings Certificate in Finacle, procedure prescribed for MIS/TD closure shall be followed by using HCAACTD menu.
(8) Procedure for withdrawal from Mahila Samman Savings Certificate in Finacle will be issued shortly.
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