The Mahila Samman Savings Certificate earns 7.5% annual interest on deposits. This interest is compounded on a quarterly basis and is paid at the time of closing the account. But the last date for investing in these schemes is near, which is 31 March 2025. In such a situation, to take advantage of this scheme, you will have to open your account before this date.
New Delhi: The central government launched the Mahila Samman Savings Certificate in Budget 2023 with the aim of encouraging women and girls to save and invest. By investing under this scheme, women get higher returns than fixed deposits. Now the last date of this scheme is near, which is 31 March 2025. Let us tell you that investment in this scheme can be started from just Rs 1000, but women can open an account in their name, while for minor girls, their parents or guardians can open an account.
More interest than FD
Deposits in Mahila Samman Savings Certificate earn 7.5% annual interest. This interest is compounded on quarterly basis and is paid at the time of closing the account. Let us tell you that this interest rate is higher than the current 2-year bank FD interest rates. The minimum amount of investment in this scheme is Rs 1,000 (in multiples of ₹ 100), while the maximum can be deposited at Rs 2,00,000 (all accounts combined). However, there should be a gap of at least 3 months between opening accounts.
These documents will be required to open an account
– Account opening form
– KYC documents (Aadhaar and PAN card)
– Pay-in slip and investment amount or cheque
This is how you can open your account
Mahila Samman Savings Certificate account can be opened in many banks including post office. These include Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank, Union Bank of India. To open an account, you will have to go to your nearest bank branch or post office and complete the account opening process.
These are the withdrawal rules
Let us tell you that account holders can withdraw up to 40% of the eligible balance after one year from the date of opening the account. However, premature closure of the account is allowed in specific cases. Such as death of the account holder or on compassionate grounds such as life-threatening illness of the account holder or death of the guardian, provided relevant documents are submitted. In these cases, the scheme interest rate will be paid on the principal amount. If an account is closed without any specific reason after six months of opening, the interest rate will be 5.5%.
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