The “Mahila Samman Savings Certificate” scheme was launched by the Department of Economic Affairs, Ministry of Finance, to provide financial security for every girl and woman in India. With an e-gazette notification issued on June 27, 2023, the scheme is now available for subscription at Post Offices and eligible Scheduled Banks. Initially launched on April 1, 2023, the scheme remains open for new subscriptions until March 31, 2025, offering a two-year tenure.
Key Features
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Attractive Investment Option:
Provides secure investment opportunities with a fixed interest rate of 7.5% per annum, compounded quarterly. -
Tenure and Flexibility:
An account can be opened on or before March 31, 2025, for a fixed tenure of two years. The scheme also allows partial withdrawals of up to 40% of the eligible balance after one year. -
Deposit Limits:
The minimum deposit is ₹1,000, and subsequent deposits must be in multiples of ₹100, with a maximum cumulative limit of ₹2,00,000 per account. -
Maturity and Interest:
The investment matures in two years, and interest is compounded quarterly. Any fractional rupee is rounded off as per the scheme’s provisions.
Benefits
- Secure and attractive fixed interest investment for girls and women.
- Flexible deposit and partial withdrawal options.
- Guaranteed maturity after two years, with interest credited quarterly.
- Designed to enhance financial security for female investors.
Eligibility
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Citizenship:
The applicant must be an Indian citizen. -
Beneficiary:
The scheme is exclusively for women and girl children. Individual women can open accounts, and for minor girls, the guardian may apply on their behalf. -
Account Type:
Accounts opened under this scheme are single-holder only. -
Deposits:
An individual can open multiple accounts subject to the maximum deposit limit of ₹2,00,000, with a minimum gap of three months between account openings.
Deposits & Maturity
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Deposit Requirements:
A minimum of ₹1,000 is required to open an account, with further deposits allowed only in multiples of ₹100. No additional deposit is permitted in an account once opened. -
Maturity:
The investment matures after two years from the account opening date. The final maturity amount is calculated with any fractional rupee rounded off to the nearest rupee. -
Partial Withdrawal:
Account holders may withdraw up to 40% of the eligible balance after one year, with the withdrawal amount rounded off similarly.
Application Process
Offline
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Visit a Branch:
Go to the nearest Post Office or designated bank that is participating in the scheme. -
Collect the Form:
Collect the application form from the branch or download it from the official website. -
Fill and Attach:
Complete the application form, fill in the declaration and nomination details, and attach all required documents. -
Submit with Deposit:
Submit the application along with the initial investment amount/deposit. -
Receive Certificate:
Upon submission, you will receive a certificate as proof of investment under the Mahila Samman Savings Certificate scheme.
Note: Applications must be made by a woman for herself or by the guardian on behalf of a minor girl on or before March 31, 2025.
Documents Required
- Recent passport-sized photograph.
- Proof of age (Birth Certificate).
- Aadhaar Card.
- PAN Card.
- Pay-in Slip along with the deposit amount or cheque.
- One of the following as proof of identity and address: Passport, Driving License, Voter’s ID, NREGA Job Card, or a letter from the National Population Register.
Frequently Asked Questions
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What is the ‘Mahila Samman Savings Certificate’ scheme?
It is a savings scheme offering secure and attractive investment options for girls and women, providing a fixed interest of 7.5% compounded quarterly. -
Who can open an account under this scheme?
Only women and girl children (by guardian) who are Indian citizens can apply. -
What is the benefit of the scheme?
The scheme offers a secure investment avenue with flexible deposit, withdrawal options, and a fixed tenure of two years. -
Where can I open an account?
Accounts can be opened at Post Offices and eligible Scheduled Banks. -
What is the investment period for this scheme?
The scheme is valid for new subscriptions until March 31, 2025, with a fixed tenure of two years from the account opening date. -
What are the minimum and maximum investment limits?
The minimum deposit is ₹1,000, and deposits must be in multiples of ₹100, with a maximum cumulative limit of ₹2,00,000 per account. -
When does the maturity occur?
The account matures two years from the date of opening. -
Can the account be closed prematurely?
Premature closure is generally not allowed except under specific circumstances such as the death of the account holder or extreme compassionate grounds. For closures after six months for other reasons, interest will be reduced by 2%. -
How does the withdrawal process work?
Account holders can withdraw up to 40% of the eligible balance after one year, with the amount rounded off to the nearest rupee.