On 1st April 2023, the Ministry of Finance issued the Gazette Notification for Mahila Samman Savings Certificates, 2023 which has been made available in 1.59 lakh Post Offices with immediate effect. Keeping the financial independence of women in focus, the scheme was proposed in Union Budget 2023-24.
The Union Budget 2023-24 outlined the vision of Amrit Kaal which envisions a prosperous and inclusive India. To realise the vision, the fruits of development must reach each and every citizen of India and especially women. The savings scheme is seen as a significant step towards financial inclusion and empowerment of women, including girls.
Benefit to & through Post Offices:
Interest rates on all the small savings schemes, except Savings Deposit and PPF, have been upwardly revised with effect from 1st April 2023. The two-year tenure scheme offers a fixed interest of 7.5% interest compounded quarterly. It has flexible investment and partial withdrawal options with a maximum ceiling of Rs. 2 lakh. The scheme is valid for a two-year period upto 31st March 2025.
National Savings (Monthly Income Account) Scheme, 2019 has been amended through National Savings (Monthly Income Account) (Amendment) Scheme, 2023 and the maximum investment limit has been raised from Rs.4,50,000 to Rs. 9 lakh for a single account and from Rs. 9 lakh to Rs. 15 lakh for a joint account with effect from 1st April 2023. Likewise, the Senior Citizen Savings Scheme, 2019 has been amended through Senior Citizens Savings (Amendment) Scheme, 2023 and the maximum investment limit has been raised from Rs. 15 lakh to Rs.30 lakh.
These measures will immensely benefit the Post Office’s small savings customers and attract more investment in these schemes through Post Offices, especially in rural areas.
Know who can open Mahila Samman Savings account:
The Mahila Samman Savings account can be opened by a woman for herself, or by the guardian on behalf of a minor girl. Women investors have to fill Form- I, on or before the 31st March 2025. The minimum amount to be invested is Rs 1000 and any sum in multiples of one hundred rupees may be deposited in an account and no subsequent deposit shall be allowed in that account. Under the scheme, the maximum investment limit allowed is Rs 2 lakh.
The deposit matures after two years from the deposit date and the account holder may receive the balance by submitting an application to the accounts office at that time. Any fraction of a rupee that is not exactly one rupee will be rounded up to the closest rupee when determining the maturity value. For this calculation, any sum that is fifty paisa or greater counts as one rupee, while any amount that is less than fifty paisa is not considered.
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