Mahila Samman Savings Certificate is a small savings scheme introduced by the Indian government for women and girls. It is a one-time scheme with a maturity period of two years, available from April 2023 to March 2025. The scheme offers a maximum deposit facility of up to Rs. 2 lakh in the name of women or girls for two years at a fixed interest rate of 7.5% p.a.. The account can be opened only in the name of a girl child or woman, and it should be a single holder type account. The scheme is risk-free and backed by the government, so it does not have any credit risk. The eligibility criteria for the scheme is any individual woman.
Below are the features of the Mahila Samman Savings Certificate, 2023:
- Scheme type: Small savings scheme backed by the government
- Credit risk: No credit risk
- Eligibility: Any individual woman
- Account type: Single holder type account
- Deposit limit: Minimum - Rs. 1,000; Maximum - Rs. 2 lakh
- Interest rate: 7.5% p.a.
- Tenure: 2 years
- Premature withdrawal: Permits 40% withdrawal after one year
- Tax benefit: No tax deduction
The scheme has been designed to encourage women and girls to save and invest.
