business
By The Anand Market
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Finance Minister Nirmala Sitharaman announced a special savings scheme for Women and girls in the Union Budget 2023-24 with 7.5% interest rate
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The Department of Economic Affairs, Ministry of Finance, authorised all Public Sector Banks & qualified Private Sector Banks to adopt the scheme
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The 2 years Certificate with set interest rate, maximum deposit facility of up to Rs. 2 lakh can be purchased at Post Offices & qualified Banks
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Women can submit account opening form, KYC Document, KYC form for new account holder, Pay-in-Slip along with deposit amount/cheque in Post Office
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Both Customers & non-customers can avail the scheme. Any woman can open an account, either on her own behalf or on behalf of a minor girl
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Canara Bank has also rolled out the scheme where women investors who qualify the requirements can apply for the certificate
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Bank of India is the first bank to operationalise the scheme across all the branches in the country
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Union Bank of India officially introduced Mahila Samman Saving Certificate (MSSC), 2023 Scheme across its branches PAN India on 30th June, 2023
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PNB has also rolled out the scheme in all its branches
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After six months from the day the account was opened, the customer may request account closure with a 2% penalty
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After one year from the date of account opening, account holders can make partial withdrawals of up to 40% of the eligible balance
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If the account holder dies or is in life-threatening sickness or a guardian has expired the account can be closed with 7.5% interest
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