Mahila Samman Savings Certificate 2023: Know steps to invest, other key features

The union finance ministry has on Saturday released the notification for Mahila Samman Savings Certificate-2023 scheme, which will be available in over 1.59 lakh post offices across the country. The scheme, introduced by union finance minister Nirmala Sitharaman during the 2023-24 budget speech, is a one-time small savings plan for girls and women, and was announced to commemorate ‘Azadi ka Amrit Mahotsav’.

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The Mahila Samman Savings Certificate offers a fixed interest rate over a 24-month tenure, from April 2023 to March 2025. According to news agency ANI, the government has also increased the interest rates on various Small Savings Schemes by up to 70 basis points for the first quarter of the financial year 2023-24, with regular quarterly reviews of interest rates.

Check the details on how to invest in the ‘Mahila Samman Savings Certificate’ as well as other important aspects of the scheme.

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How to get a Mahila Samman Savings Certificate?

Women and girls will be able to invest in the Mahila Samman Savings Certificate through state-owned banks beginning April 1, 2023. The steps for investing in this scheme are as follows:

-Obtain the Mahila Samman Bachat Patra Yojana form from your local bank or post office that offers this scheme.

-Fill out the application form with all of the requested information.

-Submit the application form with the required documentation, such as identity and address proof.

-Select the amount of the deposit you want to make.

-Deposit the funds via cheque or cash.

-A certificate will be issued to you as proof of your investment.

Note-worthy features of the scheme

-The Mahila Samman Savings Certificate is only available to girl children or women.

-Under this scheme, you can deposit a maximum of Rs.2 lakh. The minimum deposit amount has not yet been announced.

-The scheme offers a higher interest rate of 7.5% when compared to bank fixed deposits (FDs) and other small savings schemes.

-A 24-month contract will be offered, running from April 2023 to March 2025.

-While savings schemes are generally eligible for Section 80C tax breaks, the taxing structure of this scheme has not yet been determined.

-Partial withdrawals are permitted under the Mahila Samman Savings Certificate scheme.