The Mahila Samman Saving Certificate scheme was started by Finance Minister Nirmala Sitharaman in the Union Budget for 2023–2024. To encourage women investors, this scheme was launched with a two-year period and a 7.5 percent fixed interest rate. With the option of partial withdrawal, investors would be able to deposit up to Rs 2 lakh in the names of women and girls.
“To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate is to be launched,” Sithraman said when introducing the budget to the Lok Sabha.
To honour Azadi Ka Amrit Mahotsav, Mahila Samman Savings certificates will be made accessible for a one-time period up to two years, or till March 2025. The Mahila Samman Saving Certificate Plan has now been implemented by banks and post offices all over the country. This initiative tries to encourage more female investors.
Who can open a Mahila Samman Savings Certificate account?
A Mahila Samman saving certificate account can be opened by any woman. Minor girls’ guardians may also open an account in the girls’ names. Form I must be completed by investors by March 31, 2025, at the latest. Investors can deposit anything between Rs. 1000 and Rs. 2 lakh.