PSBs & eligible private banks authorised to implement Mahila Samman Savings Certificate

New Delhi: Central Government has permitted all the Public Sector Banks (PSBs) and eligible private sector banks to implement and operationalise the Mahila Samman Savings Certificate, 2023. This was done through an e-gazette notification issued on June 27, 2023. With this, the Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices, and eligible Scheduled Banks.

"The Department of Economic Affairs, Ministry of Finance, permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalise the Mahila Samman Savings Certificate, 2023. This aims at enabling enhanced access of the scheme for girls/women," the Ministry of Finance said on Friday.

The scheme has been in operation since April 1 through the Department of Post.

The Central Government has made a number of efforts to secure the political, social, and economic advancement of women through a variety of planned initiatives. In continuation of these efforts, Mahila Samman Savings Certificate, 2023 scheme was announced in the Union Budget FY 2023-24 by the Central Government to provide financial security to every girl and woman in India.

Key Features of the Scheme:

• Provides attractive and secured investment option to all girls and women

• An account can be opened under this scheme on or before the March 31, 2025 for a tenure of two years

• The deposit made under MSSC will bear interest at the rate of 7.5 percent per annum which will be compounded quarterly. Therefore, the effective interest rate will be roughly 7.7 percent.

• Minimum of Rs 1000 and any sum in multiple of 100 may be deposited within the maximum limit of Rs 200,000.

• Maturity of the investment under this scheme is two years from the date of opening of the account under the scheme.

• It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The account holder is eligible to withdraw maximum up to 40 percent of the eligible balance in the scheme account.

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