New Delhi: Post office is considered a safe platform. There is no risk of losing money in it. Many types of schemes are offered under the post office. One of these is the Post Office Mahila Samman Savings Certificate. The duration of this scheme is usually 2 years. But it is possible that in an emergency we may have to withdraw money before the completion of the period. So in such a situation the question arises whether money can be withdrawn before completion of the period under MSSC.
Can I withdraw money before maturity?
According to the official website of the post office, if a female investor wants, she can withdraw money even before the completion of the scheme. However, there are some rules regarding this too. Under the Mahila Samman Savings Scheme, any investor can withdraw money in between after investing for 1 year. But you can withdraw only up to 40 percent of the amount. This 40 percent money is calculated on the total amount. This also includes the interest received at an interval of one year.
For example- suppose an investor invests Rs 2 lakh under Mahila Samman Savings Scheme, then within a year Rs 2,15,427 will be created in his account. The withdrawal amount is calculated at the rate of 40% on these 2,15,427. This means that if there is 2,15,427 in the account, the investor will be able to withdraw only about 86 thousand rupees. If the investor has any serious illness, then the money can be withdrawn, but by doing so you get returns only on the principal amount. Along with this, investors can withdraw money even after 6 months, but in such a case the return is 2 percent less.
How to withdraw money?
If you want to withdraw money before the scheme’s term ends, you will first have to go to your nearest post office and fill a withdrawal request form. Along with this, you will have to submit an identity card. How much return do you get? In Mahila Samman Saving Scheme, you get up to 7.5 percent return. This interest is calculated on quarterly basis. The return and principal amount under the scheme is available to you only after the completion of the period. This scheme can be started with Rs 1000. At the same time, the maximum you can invest in it is up to Rs 2 lakh.