Question
Consider the following statements regarding the Mahila
Samman Savings Certificate Scheme (MSSC): 1.Under the scheme, women of any age group, including girl children, can open an account with a minimum deposit of Rs 1000 and a maximum deposit of Rs 2 Lakhs. 2.The scheme offers an interest rate of 7.5% p.a., compounded quarterly. 3.It has a provision for partial withdrawal and premature closure of the account is allowed at any time after six months of opening without any reduction in the interest rate. How many of the statements given above are correct?Solution
A partial withdrawal facility is provided under the Mahila Samman Saving Certificate scheme. The account holder can withdraw up to 40% of the account balance after one year from the account opening date.
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