To economically empower the women and girls of the country, the Government of India launches various beneficial schemes from time to time. Among these, the Central Government introduced the Mahila Samman Savings Certificate scheme for women. However, this scheme is set to close on March 31, 2025.

This scheme was launched by the Central Government in April 2023 with the main objective of financially empowering women and encouraging the habit of saving. Over the two years, the scheme received a great response, with women making significant investments. Let’s take a closer look at the key details of this government scheme.

Key Features of the Scheme

  1. Interest Rate: The scheme offers an annual compound interest of 7.5%.
  2. Investment Limit: You can invest a minimum of ₹1,000 and a maximum of ₹2 lakh.
  3. Maturity Period: The investment period is two years.
  4. Interest Benefit: If you invest ₹2 lakh, you will receive approximately ₹2,32,000 after two years.

Who Can Open an Account?

Women can open an account for themselves.

  • Parents or guardians can also open an account in the name of their minor daughter.
  • A maximum investment of ₹2 lakh is allowed per woman, even if she has multiple accounts.

Premature Withdrawal Facility

Although the scheme runs for two years, premature withdrawals are allowed under certain conditions:

  • After 6 Months: Withdrawals are allowed, but the interest rate will be reduced to 5.5%.
  • After 1 Year: Account holders can withdraw up to 40% of the total deposited amount.
  • Special Circumstances: In cases of serious illness or death of the account holder, the entire amount can be withdrawn.

Where and How to Open an Account?

Accounts under the Mahila Samman Savings Certificate Scheme can be opened at post offices and select banks. Required documents include:

  • Aadhaar card
  • PAN card
  • Address proof
  • Passport-size photo
  • If the account is for a minor girl, the guardian’s documents are also mandatory.
  • Tax Rules (Tax Benefits)
  • No tax exemption is provided for investments under this scheme.
  • Interest earned is taxable according to Income Tax rules.

Why Is This Scheme Special?

The Mahila Samman Savings Certificate Scheme is ideal for women and girls who want to save money safely while earning a high interest rate. It provides:

  • Financial independence.
  • The opportunity to turn small savings into significant returns.

Last Chance to Invest

This scheme will close on March 31, 2025. If you want to take advantage of this opportunity, visit your nearest post office or bank soon to open an account and invest.