PSBs, eligible pvt banks authorised to implement Mahila Samman Savings Certificate

The finance ministry has permitted all Public Sector Banks (PSBs) and eligible private sector banks to implement and operationalise the Mahila Samman Savings Certificate, 2023.

This was done through e-gazette notification dated June 27, 2023 by Department of Economic Affairs, Ministry of Finance.

“This aims at enabling enhanced access of the scheme for girls/women. With this, Mahila Samman Savings Certificate scheme will now be available for subscription in post offices, and eligible scheduled banks,” the finance ministry said in a statement on Friday.

The scheme has been in operation since April 1, 2023 through Department of Post.

The central government has made a number of efforts to secure the political, social, and economic advancement of women through a variety of planned initiatives.

In continuation of these efforts, Mahila Samman Savings Certificate, 2023 scheme was announced in Union Budget 2023-24 to provide financial security to every girl and woman in India.

Key features of the scheme include attractive and secured investment option to all girls and women and the deposit made under the scheme will bear interest at the rate of 7.5 per cent per annum which will be compounded quarterly.

Therefore, the effective interest rate will be roughly 7.7 per cent.

Minimum of Rs 1,000 and any sum in multiples of 100 may be deposited within the maximum limit of Rs 2,00,000.

Maturity of the investment under this scheme is two years from the date of opening of the account.

“It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The account holder is eligible to withdraw maximum up to 40 per cent of the eligible balance in the scheme account,” it said.

Under the scheme, an account can be opened on or before March 31, 2025 for a tenure of two years.

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