Centre Authorises PSBs, Select Private Banks To Implement Mahila Samman Savings Certificate
The Centre has authorised all public sector banks and eligible private sector banks, ICICI Bank, Axis Bank, HDFC Bank and IDBI Bank to implement and operationalise the Mahila Samman Savings Certificate scheme.
With this, the Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices and eligible Scheduled Banks, the Ministry of Finance said in a release. Mahila Samman Savings Certificate scheme was announced in the 2023-2024 Union Budget by Finance Minister Nirmala Sitharaman and is a significant step towards financial inclusion and empowerment of women.
The two-year tenure scheme will offer an interest rate of 7.5 per cent compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of Rs two lakh.
The scheme is valid for a two-year period up to March 2025. An account can be opened under this scheme on or before 31 March 2025, for a tenure of two years.
The scheme has been made available in all 1.59 lakh post offices from 1 April 2023, when the finance ministry formally issued the notification.
"The Central Government has made a number of efforts to secure the political, social and economic advancement of women through a variety of planned initiatives. In continuation of these efforts, Mahila Samman Savings Certificate, 2023 scheme was announced in the Union Budget FY 2023-2024 by the Central Government to provide financial security to every girl and woman in India," the finance ministry release said.
(ANI)
