Prime Minister Narendra Modi has introduced several schemes over the past decade, focusing on various groups, including women, farm Mahila Samman Savings Certificate Scheme. Among these, one significant initiative for women is the PM Mahila Samman Savings Certificate Scheme
Under this scheme, if a savings account is opened in a woman’s name and funds are deposited, an interest rate of 7.5% is offered. This rate is higher compared to the regular interest rates provided by other banks.
This scheme was launched by the Modi government in 2023. However, awareness about it remains limited. The scheme is particularly beneficial for women, offering a secure way to grow their savings with a high-interest rate. For more details, visit your nearest bank or post office.
Key Features of the Mahila Samman Savings Certificate Scheme
- Maximum Deposit Amount: Women can deposit up to ₹2 lakh. Deposits beyond this limit are not allowed.
- Interest Rate: The scheme offers a 7.5% interest rate for a two-year tenure. At the end of this period, a ₹2 lakh deposit will yield a total of ₹2,32,044, providing an additional ₹32,044 as interest.
- Minimum Deposit: For those unable to deposit ₹2 lakh, a minimum deposit of ₹1,000 is allowed.
- Premature Withdrawal: After one year from the date of account opening, 40% of the eligible balance can be withdrawn.
Eligibility and Account Opening
- Women can open an account in their name, or family members can open one on behalf of women in the household
- Unmarried individuals can open an account in their mother’s name, while parents can invest in the name of their daughters.
- Accounts can be opened at any bank or post office.
Required Documents and Process
- To open an account, visit your nearest bank or post office and complete the following steps:
- Fill out the application form and KYC form.
- Provide identification documents such as Aadhaar Card, Voter ID, Driving License, or PAN Card.
- Submit the deposit amount or cheque along with a pay-in-slip.