Are also planning to invest in something? Then today’s article is just for you. In recent years, the Narendra Modi government has rolled out several initiatives aimed at benefiting women, and the Mahila Samman Savings Certificate is one of them. This scheme offers women a chance to earn interest on their savings. With International Women’s Day coming up, let’s dive into the details of this scheme. Just a reminder, International Women’s Day is celebrated every year on March 8.
Details of the Scheme
The Mahila Samman Savings Certificate Scheme was introduced on March 31, 2023, specifically for women and minor girls. You can open an account for a minimum deposit of Rs 1,000 and a maximum of Rs 2 lakh, with a two-year term. The interest rate stands at 7.5% per annum, compounded quarterly and credited to your account. Plus, there’s an option for partial withdrawals and early closure under compassionate circumstances.
Deadline Until March 31
Women can open an account under the Mahila Samman Savings Certificate Scheme for themselves or have a guardian do it for a minor girl until March 31, 2025. This initiative aims to boost financial independence among women in the country with attractive interest rates and to support broader financial inclusion goals. After April 1, 2025, women investors will no longer be able to invest in this scheme.
Early Withdrawal Option
You can withdraw funds from this scheme after one year of investment. After that period, you can take out up to 40% of your total amount. If you need to close your Mahila Samman Savings Certificate early, you can do so after six months of opening the account, but a 2% penalty will apply. In this case, the interest rate for premature closure will be 5.5%.
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