Source: PIB
Context: The Department of Economic Affairs, Ministry of Finance, has authorized Public Sector Banks and eligible Private Sector Banks to implement the Mahila Samman Savings Certificate, 2023.
About the scheme:
| Feature | Description |
| Mahila Samman Savings Certificate, 2023 (introduced in this year’s budget and started on 1st April 2023) is a one-time savings scheme to provide financial security to girls and women in India. | |
| Purpose | To provide financial security to every girl and woman in India |
| Eligibility | Women can open the account for themselves or on behalf of a minor girl child |
| Tenure | Two years |
| Interest Rate | 7.5% per annum, compounded quarterly |
| Investment | ₹1000 min to 200,000 maximum |
| Maturity Period | Two years from the date of opening the account |
| Partial Withdrawal | Up to 40% of the eligible balance can be availed after one year from the date of opening the account |
| Significance | Promotes financial independence and empowerment of women |
| Encourages women investors, especially in rural areas | |
