Mahila Samman Saving Certificate: Women investors can deposit funds in their own or girl child’s name for a period of 2 years and can avail a fixed interest rate of 7.5 percent per annum.
Mahila Samman Saving Certificate: Mahila Samman Savings Certificate is a government-backed small savings scheme for women investors. The initiative, introduced by Finance Minister Nirmala Sitharaman in the Union Budget for 2023-24, aims to empower women and promote their financial inclusion.
Mahila Samman Savings Certificate Scheme has opened for enrollment from 27th June 2023 and will be made available for a period of two years till March 2025. Under this scheme, a deposit facility of up to Rs 2 lakh is being given in the name of women or girls for a period of 2 years at a fixed interest rate of 7.5 per cent with partial withdrawal option.
Purpose of the plan
The objective of this scheme is to promote financial inclusion among women in India. According to a study, compared to men, women in the country have very less opportunities to get loans and use investment opportunities. The objective of this limited time plan is to help women start their investment journey along with being a better way to increase savings and investment funds.
Rate of interest
Mahila Samman Savings Certificate offers a fixed interest rate of 7.5 percent compounded annually. The effective interest rate comes out to be 7.7 per cent. The minimum investment under the scheme is Rs 1,000. In this, women investors can deposit up to a maximum of Rs 2 lakh.
Maturity Period and Partial Withdrawal
The maturity period of Mahila Samman Savings Certificate is of two years. At the same time, investors get the facility of partial withdrawal. In times of financial emergency, women can use a part of the invested amount.
Buy Mahila Samman Savings Certificate from here
Mahila Samman Savings Certificate can be obtained from authorized banks and post offices. Apart from post offices and all public sector banks, private sector banks like ICICI Bank, Axis Bank, HDFC Bank Limited and IDBI Bank are also authorized to operate Mahila Samman Savings Certificate Account.
