Unlock Financial Security with the Mahila Samman Savings Certificate Scheme

Neha Gupta

Author

Updated: 28-01-2025 at 6:38 AM

Unlock Financial Security with the Mahila Samman Savings Certificate Scheme

The Mahila Samman Saving Certificate Scheme, announced by the Department of Economic Affairs, Ministry of Finance, has aimed to ensure financial security for all women and girls in India. This initiative began on April 1st, 2023 and will run until March 31st, 2025 located at Post Offices and designated banks.

Key Features Of The Mahila Samman Savings Certificate Scheme

This scheme is a strong investment option for girls and women that offers a safe interest rate of 7.5% per annum compounded quarterly. Here’s what you should know:

Investment Window: Open till March 31, 2025.
Interest Rate: Attractive Mahila Samman saving certificate scheme interest rate- fixed and compounded quarterly for only 7.5% per annum.
Investment and Withdrawal Flexibility: ₹1,000 minimum deposit and ₹2,00,000 maximum deposit with up to 40% withdrawable after one year.

Benefits Of Investing

There are several benefits to the Mahila Samman Savings Certificate:

Secured Savings: Ensures financial growth backed by government support.
High-Interest Rate: Offers more returns than regular savings accounts.
Flexibility: Permits partial withdrawals before maturity for immediate needs.

Eligibility Criteria

To be eligible to apply for this scheme, one must fulfil the following criteria.

Target Audience: Exclusively reserved for Indian women or girl children alone as its target market segment.
Account Type: Single holder type accounts with minors allowed that can be opened by guardians.

How To Apply For Mahila Samman Saving Certificate?

Follow the steps given below to apply for Mahila Samman Saving Certificate scheme.

Authorised Centre Visit: Apply from any designated Post Office or participating bank.
Documentation: Required Submit required documents like Aadhaar card, PAN card copy, age proof etc.
Investment: Make your first payment in cash or cheque for account opening Mahila Samman Savings Certificate.

For detailed application steps and how much you would get as returns use the Mahila Samman Savings Certificate calculator which is available online.

Premature Closure And Withdrawals

Withdrawal Options: Up to 40% of the balance can be taken out after a year.
Premature Closure: This can take place only in situations such as the death of an account holder or severe financial distress.

Application Process

To apply, collect the application form from a nearby authorised centre, fill it out, and attach the required documents. The process is simple to ensure that every eligible woman or girl can secure her financial future without any problem.

Documentation Needed

Identity and Residence Proof: Aadhaar, PAN, Voter ID or Passport.
Proof of Age: Birth certificate indicating age as a proof document.

Conclusion

The Mahila Samman Savings Certificate scheme is an underpinning pillar for women’s economic independence and safety in India. It remains one of the important tools for boosting economic empowerment with its attractive rate of interest and flexible investment options.

For more details or to apply online, visit the official notification here.

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