Govt allows all Public Sector Banks and eligible Private Sector Banks to implement and operationalise Mahila Samman Savings Certificate, 2023

New Delhi: Union Government has permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalise the Mahila Samman Savings Certificate, 2023. Under this scheme, an account can be opened on or before the 31st March, 2025 for a tenure of two years. With this, the scheme will now be available for subscription in Post Offices, and eligible Scheduled Banks.

Finance Ministry said, the scheme has been in operation since 1st April this year through the Department of Post. A minimum of one thousand rupees and any sum in multiple of 100 can be deposited within the maximum limit of two lakh rupees.

The deposit made under the scheme will bear interest at the rate of 7.5 per cent per annum which will be compounded quarterly. Therefore, the effective interest rate will be roughly 7.7 percent. The scheme was announced in the Union Budget 2023-24 by the Central Government. 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 per cent of the eligible balance in the scheme account.