Mahila Samman Saving Certificate: Interest Rate, How to Open, and More

    In a major step to empower women investors and commemorate Azadi Ka Amrit Mahotsav, Finance Minister Nirmala Sitharaman has introduced the Mahila Samman Savings Certificate in Budget 2023. This unique, one-time small savings scheme for female investors will be available for two years, with an official announcement and further details expected soon.

    Key Highlights of Mahila Samman Savings Certificate

    • A one-time small savings scheme for female investors
    • Available for a two-year period up to March 2025
    • Deposit facility up to Rs. 2 lakh
    • The tenor of 2 years at a fixed interest rate of 7.5%
    • A partial withdrawal option is available

    A Competitive Interest Rate

    The Mahila Samman Savings Certificate comes with an attractive 7.5% annual interest rate for its two-year term. This rate is significantly higher than those offered by other banks for similar tenures:

    • State Bank of India: up to 6.80% for up to 2 years
    • HDFC Bank: highest of 7.10% for 15 months to less than 18 months
    • ICICI Bank: 7.10% for up to 2 years
    • Punjab National Bank: highest of 7.25% for 666 days

    Opening a Mahila Samman Certificate Account

    To open a Mahila Samman Certificate account, female investors need to submit the following documents along with their account opening application at the desired post office:

    1. Account Opening Form
    2. KYC Form (for new customers or modification in KYC details)
    3. PAN Card
    4. Aadhaar Card (if not available, alternative documents are accepted, such as a passport, driving license, voter’s ID card, job card issued by MNREGA, or a letter issued by the National Population Register)

    Mahila Samman Savings Certificate vs. Sukanya Samriddhi Yojana

    The Mahila Samman Savings Certificate should not be confused with the Sukanya Samriddhi Yojana, another small savings scheme designed for girl children. The key differences between the two schemes include their investment limits and durations. While the Mahila Samman Savings Certificate has a short-term maximum investment limit of Rs. 2 lacks, the long-term Sukanya Samriddhi Yojana allows for investments up to Rs. 15 lahks.

    Awaiting Official Announcement and Taxation Details

    As we await the official announcement from the government, it is important to note that Section 80C tax benefits are generally available for small savings plans. However, specific details for the Mahila Samman Savings Certificate are yet to be released.

    Stay tuned for more updates on this empowering initiative aimed at boosting financial security and independence for women in India.

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