As part of Azadi Ka Amrit Mahotsav, government of India launched Mahila
Samman Savings Certificate Scheme on 1st April'23 to 31st March'25. The Union
Finance Minister Smt. Nirmala Sitaraman announced the same in the Union Budget
speech of 2023-2024. The primary goal of the scheme is financial involvement of
The scheme is especially available for women investors. Any major woman can
invest in this scheme. Also, in the case of minors, the guardian, can be both
male and female, eligible to apply for the scheme on behalf of the minor girl.
Account opened under this scheme shall be single holder type account.
Interest Rate and important details
The interest rate of this deposit scheme is 7.5% which is compounded quarterly
and payable at maturity. For investment the minimum requirement of the account
is Rs. 1000 in the multiples of Rs. 100. In addition to it, the maximum amount
which can be invested is Rs. 2,00,000. Moreover, the maturity period is 2 years.
Female Financial Inclusion
- Guarantee of Return: As already mentioned above the scheme offers a return rate of 7.5%. Since, this a government scheme the amount invested is safe and the profit gained or the return expected is guaranteed. In addition to it, the risk involved is zero as Mahila Samman Savings Certificate Scheme is not affected by market fluctuation.
- Low Deposit Limit: The scheme follows one time deposit system. The minimum amount to be invested is very low i.e., Rs.1000 in the multiples of Rs. 100.
- Facility of Multiple Accounts: The maximum amount which can be deposit under this scheme is Rs.2 lakh in one account or all Mahila Samman Savings Certificate accounts held by an account holder. A second Mahila Samman Savings Certificate account can be opened after a minimum gap of three months from the opening of the existing account by the women.
- Facility of Partial Withdrawal: Partial withdrawal facility is also provided in the scheme to withdraw the balance before maturity. Only 40% of the eligible balance can be withdrawn after one year from the date of opening of the account.
- Nomination Facility: Nomination facility is also provided under this scheme. Four nominees per account can be added up to by the account holder and also define their individual share in the corpus. A minor can also be added as a nominee; however, details of the guardian is required. Moreover, in case of unexpected death of the account holder, added nominees receive account's final amount in the proportion which had been filled in the form.
- Closure on Prematurity period: The maturity period of the scheme is two years, but there are some exceptions in which the account holder can close the account before maturity. Such as on the demise of the account holder, or the account holder's life-threatening disease, the guardian's death, etc. But in this case, interest rate will become 5.5%, after reduction of 2%.
The scheme focuses on growing the financial status of women of country including
minors. It aims at financial independency and inclusion of females in country
which in turn increases the economic status. Since, it is a government scheme,
the risk due to market fluctuation is nil. So, the money invested is safe and
out of risk circle. Moreover, the interest rate is very high, which eventually
gives a huge profit to the women investor.
The scheme aims at women empowerment and financial stability of females. In
addition to it, the main objective of this scheme is financial independency of
women which makes it a good option for investing purpose. Thus, it will make
women financially aware, initiating schemes that will penetrate deeper into
sections of society.
Government is working for the development and empowerment of women in different
sectors of economy and towards increasing their involvement in finance. Since,
this scheme is launched under Azadi Ka Amrit Mahotsav, it is expected that the
motive of the programme would be fulfilled and it would enhance the financial
condition of females of India.
Moreover, one good thing about this scheme is that minors can also become
investors under Mahila Samman Savings Certificate Scheme. This eventually helps
them in their higher studies and the drop out ration of girls will deteriorate.
In accordance with all the points stated above, the scheme is worth investing in
and will benefit women financially in the society.