Earn 7.5% interest rate: PNB launches Mahila Samman Certificate

economictimes.indiatimes.com:

Punjab National Bank (PNB) launches Mahila Samman Certificate, 2023 for its women customers. PNB is the fourth bank to offer this small savings scheme. Mahila Samman Certificate intends to improve access to the scheme for girls and women. It was announced in the Budget 2023 by the finance minister, Nirmala Sitharaman. The Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices and qualified Scheduled Banks. The Department of Economic Affairs, Ministry of Finance, by an e-gazette announcement published on June 27, 2023, authorised all Public Sector Banks and qualified Private Sector Banks to execute and operationalize the Mahila Samman Savings Certificate, 2023. Earlier, it was offered only by Post Office and has been in operation since April 1, 2023. Under this Scheme, investment can be made by a woman for herself, or by the guardian on behalf of a minor girl on or before the 31st March, 2025. An account opened under this Scheme will be a single holder type account.

The deposits made under Mahila Samman Savings Certificate will bear interest at the rate of 7.5 percent per annum. Interest shall be compounded on quarterly basis and credited to the account. Note that interest is taxable.

1) The account will not be closed before maturity except in the following cases, namely:- (a) on the death of the account holder; (b) 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