Mahila Samman Savings Scheme offers financial security and growth to women.
Bank of India, a leading public sector lender, has launched the Mahila Samman Savings Certificate for the year 2023. This groundbreaking scheme is being implemented across all branches of the bank, making Bank of India the first to offer this initiative nationwide. The official launch took place in Mumbai, led by the bank's Managing Director and CEO, Rajneesh Karnataka.
The Mahila Samman Savings Certificate is designed to empower girls and women, along with their guardians, to save for a secure future. With a minimum investment of Rs. 1000 and a maximum deposit of up to Rs. 200,000 in multiples of Rs. 100, this scheme provides flexibility and accessibility to potential investors. Individuals can open multiple accounts, as long as the total investment does not exceed the maximum limit and there is a three-month gap between the opening of each account.
What is the Mahila Samman Savings Certificate scheme all about? It aims to encourage women to save while offering attractive interest rates. Launched on April 1, 2023, this scheme is exclusively available to Indian women of all ages. Anyone interested can open an account at any post office in India, provided they have the necessary documents such as Aadhaar card, PAN card, and a photograph.
The Mahila Samman Bachat Patra Yojana allows deposits for a period of 2 years, with the interest being calculated and paid at maturity. By investing a maximum of Rs. 2 lakh at an interest rate of 7.5%, investors can earn an interest of Rs. 320,000 over the 2-year period. This means that on maturity, they will receive a total of Rs. 2.32 lakh. It's important to note that there must be a minimum gap of 3 months between each installment.
Furthermore, the scheme also provides the option for partial withdrawal. This additional feature was announced by Union Finance Minister Nirmala Sitharaman during the 2023 Budget on February 1, empowering women to access their savings as needed.
The Mahila Samman Savings Certificate scheme serves as a stepping stone towards women's financial independence, enabling them to save effectively and achieve their financial goals. Bank of India's commitment to this initiative sets a positive precedent for other financial institutions to prioritize women's economic empowerment.
Read more: SBI launches cardless cash withdrawals from ATMs and enhanced YONO app for customers
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