MSSC - Mahila Samman Savings Certificate Withdrawal/Premature Closure/Partial Withdrawal

MSSC Scheme Introduced and communicated to all the concerned through SB Order 05/2023SB Order 05/2023

SB Order 05/2023 dated 31.03.2023 2. Salient Features (d) Withdrawal from account

(i) The account holder shall be eligible to withdraw for maximum up to 40 per cent of the eligible balance once after the expiry of one year from the date of opening of the account but before the maturity of the account by making application in prescribed form. 

(ii) In case an account opened on behalf of a minor girl, the guardian may apply for the withdrawal for the benefit of the minor girl by submitting the following certificate to the post office namely: - “ Certified that the amount sought to be withdrawn is required for the use and welfare of Miss/Kumari …………………………………… who is a minor girl and is alive on this …………….. day ……………. of …………(month) …………. (year).

SB Order 05/2023 dated 31.03.2023 2. Salient Features  - Premature Closure

(f) Premature closure of account

(i) Account shall not be closed before maturity except in the following cases, namely:-

(a) On the death of the account holder,

(b) Where the post office 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.

Note: - In case of premature closure an application from the account holder/guardian shall be obtained alongwith certificate of treating doctor or death certificate of guardian shall be obtained.

(ii) Where an account is prematurely closed under conditions mentioned in para (f) (i) above., interest on principal amount at the rate applicable to the scheme for which the account has been held shall be payable.

(iii) Premature closure of an Account may be permitted, any time after the completion of six months from the date of opening of an account by submitting prescribed form, for any reason other than mentioned in para (f) (i) above, in such cases account shall be eligible only for the interest rate less by two per cent points than the rate specified for this scheme (viz. 5.5%)

Source: Read Complete SB ORDER 05/2023 about Introduction of MSSC in Post Office