Mahila Samman Savings Certificate, 2023 locally named in Tamil as "மகளிà®°் மதிப்புத் திட்டம்" was introduced on 31.03.2023 by Ministry of Finance, exclusively for women and girl children aimed at empowering women and fostering financial inclusion. By offering attractive interest rate, the scheme has quickly gained popularity as a preferred savings scheme among women and other members of public.
An account under this scheme can be opened by a woman for herself or by the guardian on behalf of a minor girl child with a minimum amount of Rs.1000/- and any sum in multiples of one hundred rupees with maximum deposit of Rs.2 lakh. The scheme offers a higher interest rate of 7.5% p.a, compounded quarterly for a term of 2 years. Premature closure of the account is allowed, any time after 6 months with conditions. Partial withdrawal upto 40% of eligible balance can be availed after the expiry of one year from the date of opening of the account.
The Mahila Samman Savings Certificate provides a safe and secure investment avenue, backed by the highest standards of trust and integrity. Additionally, it offers competitive interest rate, ensuring that your hard earned money grows steadily over time that best aligns with your financial goals.
As on 26.05.2023, Chennai City Region has opened 18,266 accounts under Mahila Samman Savings Certificate Scheme with deposit amount of Rs.134.24 Crores. Special Camps/ Melas are also being conducted at various places across Chennai City Region for opening of Mahila Samman Savings certificate. This is a one-time new small savings scheme and will be available upto 31.03.2025 only. Members of public are requested to visit their nearby Post Office today and open an account under Mahila Samman Savings Certificate scheme to avail its benefits.