Key Points
Mahila Samman Savings Certificate, a small savings scheme specially for female investors, was introduced during Budget 2023..
According to a government announcement released on March 31, 2023, " The interest payable to the account holder in respect of any account opened or deposit made which is not in consonance with the provisions of this Scheme shall be payable at the rate applicable to the Post Office Savings Account."..
On the death of the account holder;. 2. Where the post office or the Bank concerned 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...
Where an account is prematurely closed under sub-paragraph (1), interest on principal amount shall be payable at the rate applicable to the Scheme for which the account has been held...
Premature closure of an account may be permitted, any time after the completion of six months from the date of opening of an Account on an application in Form-4, for any reason other than and in which case the balance as stood from time to time in the account shall be eligible only for the interest rate less by two per cent. than the rate specified in this Scheme...
You might be interested in
Post office schemes new rules 2023: Major changes made to PPF, POTD, POMIS, Senior Citizens Savings Scheme
23, Dec, 23The government has made various changes under small savings schemes in the year 2023. Here we have listed some of the major and important changes made by the government.
Post Office Schemes latest Interest Rates in India for 2023
04, Apr, 23Post office schemes interest rates: These are popular small savings schemes as they are backed by the central government and the returns here are fixed and guaranteed.