Savings Scheme for Women: The central and state governments have initiated various programs aimed at supporting women, one of which is the Mahila Samman Savings Certificate Scheme. Launched in April 2023, this fixed deposit scheme for women is approaching the end of its two-year tenure, with the deadline set for March 31, 2025.
An annual interest rate of 7.50%
Participants in this scheme can benefit from an annual interest rate of 7.50%, compounded quarterly. Several banks and post offices, including the Bank of India, SBI, and Bank of Baroda, are providing this opportunity. It is a risk-free investment option for women and girls, ensuring guaranteed returns. Interested individuals are encouraged to take advantage of this scheme before the deadline.
Who can open account and the what are the benefits
The minimum investment required for the Mahila Samman Savings Certificate Scheme is Rs 1,000, with increments available in multiples of Rs 100. The maximum investment limit is set at Rs 2 lakh. An individual may open multiple accounts within a three-month period, provided the total investment does not exceed Rs 2 lakh. After one year, account holders are permitted to withdraw up to 40% of their balance by submitting a premature withdrawal form.
The scheme also allows for the designation of up to four nominees. Any woman can benefit from this scheme, and guardians are permitted to open accounts on behalf of minors. To participate, investors must provide identification and address proof, including a passport-sized photograph, PAN card, and Aadhar card, along with the necessary KYC documentation.
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