Mahila Samman Savings Certificate: A big decision has been taken regarding the Mahila Samman Savings Certificate scheme.
On February 1, 2025, Union Finance Minister Nirmala Sitharaman presented the Union Budget. Many important decisions were announced in this. Employees were exempted from income tax up to Rs 12 lakh. Credit card limit was increased for farmers. Out of which, the most discussed was the exemption given in Income Tax. However, a big decision has been taken regarding the Mahila Samman Savings Certificate scheme.
What is Mahila Samman Savings Certificate Scheme?
The Modi government had launched this scheme in 2023 for women empowerment. As per the notification issued on 31 March 2023, this scheme was valid for only two years. This means that after 31 March 2025, this scheme will be closed and no investment can be made in it. This scheme was a special savings scheme for women, which provided safe and good returns to women.
What are the features of this scheme?
It was getting 7.5 percent annual interest rate. Even bank account FDs do not get this much interest rate
- Sovereign Guarantee: Complete security from the government
- Low investment: Women could start with just 1000
- Maximum limit: You can invest any amount up to 2 lakhs.
- Permission is given to open a second account after three months of the first account
Who can open an account?
- This scheme was only for women.
- Parents or guardians can open an account for their minor daughter.
How to open an account?
You will have to go to the nearest post office and apply. You cannot open this account online. So you can go to the nearest post office and open the account. For this, you have to take Aadhaar card and PAN card, KYC form, pay-in slip and deposit amount with you. After filling the form, all these things have to be filled correctly. Since this is a post office scheme, you get full sovereign guarantee. In banks, government insurance coverage (DICGC) is available only up to ₹5 lakh, but in this scheme, every rupee is safe.
Interest and Returns on the Scheme
- Annual Interest Rate: 7.5%
- Interest will be calculated on a quarterly basis.
- Full returns will be available after two years of account opening.
Why is the Mahila Samman Savings Certificate Scheme being closed?
This scheme was not extended in Budget 2025, so it will be closed after March 31, 2025. The government is considering other financial options and schemes for women. The Mahila Samman Savings Certificate Scheme will be closed on March 31, 2025. This was an attractive scheme for women, but now the government is focusing on other schemes. However, investors should take timely decisions and choose the right option for their savings.
What should women investors do?
This scheme is valid till March 31, 2025, so they should consider investing immediately. Consider other savings schemes of post offices or banks. Not only that, but also check out options like PPF, Sukanya Samriddhi Yojana and Senior Citizen Savings Scheme
