The Mahila Samman Savings Certificate, is a new small savings scheme launched by the Government of India, specifically designed for women investors. This exclusive scheme is available from April 2023 to March 2025 and aims to promote savings among Indian women.
Available Banks
The Mahila Samman Savings Certificate can be opened at select banks and India Post offices. Banks authorized to offer this scheme include:
- Bank of Baroda
- Canara Bank
- Bank of India
- Punjab National Bank (PNB)
- Union Bank of India
Deposit Limits
The scheme has specific deposit limits and conditions:
- Minimum Deposit: ₹1,000
- Maximum Deposit: ₹2,00,000
- Deposit Multiples: Must be in multiples of ₹100
- Single Deposit: Only one deposit is allowed per account
- Account Limit: No cap on the number of accounts, but the cumulative amount across all accounts cannot exceed ₹2,00,000
A three-month gap must be maintained between opening two accounts under this scheme for the same depositor.
Interest Rates
- Interest Rate: 7.5% per annum
- Compounding: Interest is compounded quarterly
- Interest Payment: Credited to the account and paid out at closure, pre-closure, or partial withdrawal
Bank Initiatives
- Bank of Baroda: Launches the Mahila Samman Savings Certificate with a focus on women investors.
- Canara Bank: Rolls out the scheme across India, making it widely accessible.
- Bank of India: Becomes the first public sector bank to introduce the certificate.
- Punjab National Bank (PNB): Offers the scheme to its customers as listed on its website.
- Union Bank of India: Officially launches the scheme across all branches as of June 30, 2023.
Pre-mature Closure
Pre-mature closure of the account is allowed under specific circumstances:
- Death of the Account Holder
- Medical emergencies related to life-threatening diseases
- Death of the Guardian, causing undue hardship
In these cases, the interest on the principal amount will be paid at the prescribed scheme rate.
The Mahila Samman Savings Certificate, 2023, provides a valuable opportunity for women to secure their financial future while benefiting from a higher interest rate on their savings.
