Small savings programme, Mahila Samman Saving Certificate which was exclusively accessible through post offices when unvieled in the Union Budget 2023, can now be opened in public sector banks as well.
Although the Finance Ministry notification had allowed for application for a Mahila Samman Savings Certificate in all public sector institutions, the scheme account can be opened only in a handful of banks.
Mahila Samman Savings Scheme Account Can Be Opened Only In These Banks
1. Bank of Baroda
2. Canara Bank
3. Bank of India
4. Punjab National Bank
5. Union Bank of India
Mahila Samman Saving Certificate
To encourage more women to invest, the Centre established the Mahila Samman Savings Certificate, a one-time savings programme for women, in the Budget 2023. The programme was revealed as part of the Budget 2023 to honour “Azadi ka Amrit Mahotsav.”
Mahila Samman Saving Certificate: Scheme Details
The favourable fixed interest rate of 7.5% is offered by the two-year tenure plan. The scheme offers flexible partial withdrawal and investment choices with a 2 lakh rupee cap.
Mahila Samman Saving Certificate: Interest Rates
7.5% interest per year is being offered by the Centre. The interest will be credited to the account on a quarterly basis and compounded.
Mahila Samman Saving Certificate: Eligibility
The Centre has stated that a woman may apply for herself or on behalf of a minor girl’s guardian to open an account under the MSSC scheme.
Mahila Samman Saving Certificate: Documents Needed
Investors can make an investment in the scheme by going to their local post office or one of the selected banks with a copy of their PAN cards, an Aadhaar card and a cheque for the deposit amount.
Mahila Samman Saving Certificate: Investment Limits
The minimum and maximum investment amounts per fiscal year are 1,000 and 2 lakh rupees, respectively. The scheme also permits early withdrawal with certain minimal penalty charges after one year.
