June 30, 2023: The department of economic affairs through an e-gazette notification issued on June 27, 2023, 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. With this, the scheme will now be available for subscription in post offices and eligible scheduled banks.
The scheme was announced in the Union Budget FY 2023-24 by the government to provide financial security to every girl and woman in India. The scheme has been in operation since April 1, 2023, through the department of post.
Key features of the scheme
- Provides attractive and secured investment options to all girls and women.
- An account can be opened under this scheme on or before March 31, 2025, for a tenure of two years.
- The deposit made under the MSSC will bear interest at the rate of 7.5% per annum which will be compounded quarterly. Therefore, the effective interest rate will be roughly 7.7%.
- Minimum of Rs 1,000 and any sum in multiple of Rs 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% of the eligible balance in the scheme account.
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