The central government introduced the Mahila Samman Savings Certificate in the 2023 budget.
This scheme offers women a chance to earn a high return on their short-term savings with an interest rate of 7.50% per year.
Investment Details and Eligibility
The Mahila Samman Savings Certificate has a 2-year maturity period. Women can invest a minimum of Rs 1,000 and a maximum of Rs 2,00,000.
Women of all ages can open an account. Girls under 18 can also open an account, but they must do so with the supervision of a parent or guardian.
Maturity Period: The scheme has a 2-year maturity period.
Investment Amount: Women can invest a minimum of Rs 1,000 and up to Rs 2,00,000.
Eligibility: Women of any age can open an account. Even girls under 18 can participa
How to Open an Account
To open an account for the Mahila Samman Savings Certificate, visit a post office or an authorized government or private bank.
You will need to complete the KYC process by submitting your Aadhaar card, PAN card, and a passport-size photo. Accounts can be opened under this scheme until March 31, 2025.
Premature Withdrawal and Other Benefits
The scheme allows for premature withdrawals. After one year, account holders can withdraw up to 40% of their deposited amount.
If the account holder passes away, the nominee can claim the deposited funds. However, if the account is closed before maturity, the interest rate will drop to 5.50% instead of 7.50%.
Early Withdrawal: After one year, account holders can withdraw up to 40% of their deposited amount.
In Case of Death: If the account holder passes away, the nominee can claim the deposited funds.
Interest Rate Drop: If you close the account before the maturity date, the interest rate reduces to 5.50% instead of 7.50%.
