The central government introduced the Mahila Samman Savings Certificate in the 2023 budget, offering women a chance to earn a high return on their short-term savings.
Under this scheme, women can earn an annual interest rate of 7.50% on their deposits. Here’s all you need to know about this special scheme.
Investment Details and Eligibility
The Mahila Samman Savings Certificate has a maturity period of 2 years. Women can invest a minimum amount of Rs 1,000 and up to Rs 2,00,000 in this scheme.
Women of any age are eligible to open an account. Girls under 18 can also open an account, but they need to have a parent or guardian’s supervision.
How to Open an Account
You can open an account for the Mahila Samman Savings Certificate at post offices or authorized government and private banks.
To open an account, you’ll need to complete the KYC process by submitting documents like 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 also allows premature withdrawals. After one year, account holders can withdraw up to 40% of their deposited amount.
In the event of the account holder’s death, the nominee can claim the deposited funds. However, if the account is closed before maturity, the interest rate drops to 5.50% instead of 7.50%.
Early Withdrawal and Other Benefits
The Mahila Samman Savings Scheme also allows you to withdraw money before the maturity date. After one year, you can withdraw up to 40% of your deposited amount.
If the account holder passes away, the nominee can claim and withdraw the funds. However, if you close the account before the maturity period, the interest will be reduced to 5.50% instead of the full 7.50%.
