Mahila Samman Savings Certificate is a one-time government savings scheme to empower women in India. The scheme was launched by the Department of Economic Affairs, Ministry of Finance to provide financial security to every girl and woman in India. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The Department of Economic Affairs, Ministry of Finance, through an e-gazette notification issued on June 27, 2023, permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalise this scheme. 

This aims at enabling enhanced access to the scheme for girls/women. With this, the 'Mahila Samman Savings Certificate' scheme will now be available for subscription in Post Offices, and eligible Scheduled Banks. The scheme has been in operation since April 1, 2023, through the Department of Post and is valid for two years up to March 31, 2025.

Here are a few key details of the Mahila Samman Savings Certificate:

>>Attractive and secured investment options.

>>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 scheme will bear interest at the rate of 7.5 per cent per annum which will be compounded quarterly.

>> Minimum of Rs 1,000 and any sum in multiple of 100 may be deposited within the maximum limit of Rs 2,00,000.

>> The 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 a maximum of up to 40 per cent of the eligible balance in the scheme account.

What will be your maturity amount on the Rs 1 lakh investment?

If one invests Rs 1 lakh for two years in Mahila Samman Savings Certificate then she will get Rs 1,16,022 at maturity. 

  Amount in Rs
Total Deposit Amount 100000
Total Interest 16022
Maturity Amount 116022

What will be your maturity amount on the Rs 2 lakh investment?

If one invests Rs 2 lakh for two years in Mahila Samman Savings Certificate then she will get Rs 2,32,044 at maturity. 

Amount Amount in Rs
Total Deposit Amount 200000
Total Interest 32044
Maturity Amount 232044

 

Catch all the updates of June 12 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.