The Department of Economic Affairs, Ministry of Finance, through an notice in electronic bulletin issued on June 27, 2023, has enabled all eligible public sector banks and private sector banks to implement and operate the Mahila Samman Savings Certificate, 2023. This aims to enable better access to the program for girls/women. With this, the Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices and eligible Scheduled Banks.
The scheme has been operational since 1 April 2023 through the Postal Department.
The central government has made numerous efforts to ensure the political, social and economic advancement of women through a number of planned initiatives. In continuation of these efforts, the Mahila Samman Savings Certificate, 2023 scheme was announced in the Union Budget FY 2023-24 by the Central Government to provide financial security to every girl and woman in India.
Main features of the program.
- It provides an attractive and safe investment option for all girls and women
- An account can be opened under this scheme by 31 March 2025 for a two-year term
- The deposit made pursuant to the MSSC will bear interest at a rate of 7.5% per annum which will be compounded quarterly. Therefore, the effective interest rate will be around 7.7%.
- You can deposit as little as ₹1000 and any amount in multiples of 100 up to the maximum limit of ₹200,000.
- The maturity of the investment under this scheme is two years from the date of opening the account under the scheme.
- It provides for flexibility not only in investment but also in partial withdrawal during the duration of the scheme. The account holder can withdraw up to a maximum of 40% of the eligible balance in the system account.
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PPG/KMN
