the Indian government has granted authorization to all public sector banks and eligible private sector banks, including ICICI Bank, Axis Bank, HDFC Bank Ltd., and IDBI Bank, to implement and operationalize the Mahila Samman Savings Certificate scheme. This scheme, announced in the 2023-24 Union Budget by Finance Minister Nirmala Sitharaman, aims to promote financial inclusion and empower women across the country.
Under this scheme, which has a two-year tenure, investors can avail themselves of a competitive interest rate of 7.5 percent, compounded quarterly. The scheme offers flexible investment options and allows for partial withdrawals, with a maximum limit of Rs two lakh. It is valid until March 2025, and individuals can open an account under this scheme on or before March 31, 2025.
Starting from April 1, 2023, the scheme has been made available for subscription at all 1.59 lakh post offices, along with eligible Scheduled Banks. The Ministry of Finance stated that this initiative is part of the government’s ongoing efforts to uplift women’s political, social, and economic status through various planned initiatives. The Mahila Samman Savings Certificate scheme aims to provide financial security to women and girls across India.