Mahila Samman Savings Certificate Scheme has been launched especially for women and minor girls. The scheme was launched by the central government as a means of empowering women to commemorate Azadi Ka Amrit Mahotsav. Mahila Samman Savings Certificate Scheme is a one-time small savings scheme for women investors. It is offered for a period of two years, which will end in March 2025. By investing in this scheme, you currently get an interest rate of 7.5 percent. This scheme is only for women and girls. Men cannot invest in it.
Objective of the scheme
Mahila Samman Savings Certificate Scheme is a small savings scheme, which has been started especially for women and girls. There is no credit risk in it, due to which it is considered completely safe for investors. The biggest advantage of this scheme is that the amount invested in it is guaranteed by the government, so that women do not worry about the safety of their money. This scheme is available for a limited period, which will continue from April 2023 to March 2025. During this time any woman or girl can take advantage of this scheme.
Benefits of the scheme
- Only a girl or woman can apply for Mahila Samman Savings Certificate.
- The maximum amount you can deposit under this scheme is Rs 2 lakh. The minimum deposit limit has not been announced yet.
- Compared to bank fixed deposits (FDs) and other small savings schemes, Mahila Samman Savings Certificate offers a higher interest rate of 7.5% .
- The minimum investment amount is ₹1,000, and the maximum investment amount is ₹2 lakh per account.
- This scheme can be purchased through authorized post offices and commercial banks.
Rate of interest of the scheme
Mahila Samman Savings Certificate comes with a fixed deposit rate of 7.5% per annum, which is higher than many bank FDs or any other popular small savings schemes. The interest amount earned will be paid to the depositors on a quarterly basis at the time of closing the account.
Premature closure of account
If you wish to close the account before six months of opening the account without giving any reason, you will get interest at the rate of 5.5% per annum – in case of death of the account holder, in extreme cases or if the account holder is suffering from a life-threatening disease etc. In case the guardian dies after submitting the required documents, in such a case interest will be calculated on the principal amount.
Necessary documents for the scheme
- Bank Of Baroda
- Canara Bank
- bank of india
- Punjab National Bank
- Union Bank Of India
- Central Bank Of India
How to apply in the scheme
- “Application for Purchase of Certificate” can be downloaded from the India Post website or you can also get the form by visiting your nearest post office branch.
- In the To Postmaster section, enter the post office address.
- Enter your name in the space provided and write the account name as ‘Mahila Samman Savings Certificate’.
- Fill out the payment, account type, and personal information fields.
- After this complete the declaration and nomination form.
- Submit the form along with the required documents and deposit the cash or cheque at the post office.
- Receive a certificate confirming your participation in the Mahila Samman Savings Certificate Programme.
how to open in bank
- Visit the bank offering the scheme and get the Mahila Samman Savings Certificate application form.
- Fill in the required details on the application form.
- Fill in the declaration and enrollment details.
- Submit the form along with the required documents to the branch office of the bank.
Read More: Mukhyamantri Mahila Samman Yojana: Women of Delhi will get 1000 rupees every month
- Open an account under the scheme and deposit it with the bank officials.
- Get a certificate as proof of investment in Mahila Samman Savings Certificate Scheme.
FAQs on the Scheme
What is Mahila Samman Savings Certificate Scheme?
This is a one-time small savings scheme launched by the government for women with a maturity period of two years. A woman or the guardian of a girl child can open this account and deposit a maximum of Rs 2 lakh. Mahila Samman Savings Certificate offers 7.5% per annum interest on the deposit amount.
How to invest in Mahila Samman Yojana?
You can invest in Mahila Samman Savings Certificate by opening an account in a post office or eligible scheduled banks offering this scheme. You can open a Mahila Samman Savings Certificate account by downloading the form from the India Post website or the website of the concerned bank, filling it and submitting it at the nearest post office branch or bank branch.
How to get Mahila Samman Savings Certificate?
You can get Mahila Samman Savings Certificate from the post office or bank branch where you have opened the Mahila Samman Savings Certificate account.