Post Office Money Transfer Rule: Good news! Now you can transfer money to other savings accounts through this scheme of post office

Mahila Samman Savings Certificate: ECS withdrawal facility has been provided in Mahila Samman Savings Certificate Scheme. In such a situation, now you will be able to transfer money directly to other bank accounts apart from post office. This scheme has been closed from 31 March 2025. Meaning now you cannot deposit money through this scheme.

Mahila Samman Savings Certificate: To encourage savings and investment among women, the government launched the Mahila Samman Savings Certificate (MSSC) scheme in the 2023 budget. If you want to start a savings scheme for your daughter, wife or any other woman, then this is a better option. This is a short term savings scheme. Girls and women of all ages can apply for this. This is a risk free scheme. Meanwhile, an important update has come regarding the withdrawal process in the Mahila Samman Savings Certificate Scheme.

Mahila Samman Savings Certificate has been discontinued from 31 March 2025. That is, now you cannot deposit money in this scheme. But existing account holders can now take advantage of the newly introduced Electronic Clearance Service (ECS) withdrawal option. Any woman above 18 years of age can invest a minimum of Rs 1000 and a maximum of Rs 2 lakh in the Mahila Samman Savings Certificate Scheme. In this scheme, investment is made in multiples of 100.

ECS option will be available from post office

Now ECS facility has started being available for Mahila Samman Saving Certificate Scheme. This means that depositors can now choose the option of withdrawal to any savings account other than their post office through ECS. This will greatly benefit the customers associated with the scheme. The Ministry of Communication has given this information by issuing a notification. The ministry says that now the option of withdrawing money through ECS has been provided.

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With this facility, if you want to connect with a bank outside the post office network, then you can easily transfer money to your account. The account holder will have to update this facility in his account. You will be able to take advantage of this facility only after the account is registered. For this, contact your nearest post office.

7.5 percent interest

The government offers 7.5 percent interest rate on this scheme. Interest is transferred to the account every three months. However, interest will be paid at the time of closing the account / pre-closing / partial withdrawal.

How to withdraw money from Mahila Samman Saving Certificate

Under Mahila Samman Saving Certificate, account holders are allowed to withdraw up to 40% of the eligible balance after completion of one year from the date of opening the account. This scheme also allows premature closure of the account under certain conditions. The account can be closed in the event of death of the account holder. At the same time, premature closure is allowed. Some terms and conditions have been added for this. After 6 months of opening the account, it can be closed without any reason.

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