Mysore/Mysuru: The Government of India has launched the Mahila Samman Savings Certificate-2023 on 31.3.2023 to commemorate ‘Azadi Ka Amrit Mahotsav’ and can be opened in all Post Offices. To enhance the Nari Shakti of the country, this is a one-time new small savings scheme and will be available up to 31.3.2025 only.

An account under this scheme can be opened by a woman for herself or by the guardian on behalf of minor girl child. The scheme offers a higher interest rate of 7.5% per annum which will be compounded quarterly and credited into the account.

An account can be opened with minimum of Rs. 1,000 and any sum in multiples of one hundred rupees. No subsequent deposit shall be allowed in that account.

An individual may open any number of accounts subject to the maximum limit of Rs. 2,00,000 and a time gap of three months shall be maintained between the existing account and the opening of other account. Partial withdrawal up to 40% of eligible balance can be availed after the expiry of one year from the date of opening of account.

The account will mature after 2 years from the date of opening. Premature closure of the account may be permitted, any time after the completion of 6 months from the date of opening of the account for any reason and in such cases interest payable shall be two percent less than the rate specified for the scheme — 5.5%.

Nomination facility is also available for the account.

This scheme is a commendable initiative by the Government to empower women and promote their financial independence. As the scheme yields high returns on investment in a short span of 2 years, it will definitely increase women investors especially in rural areas, according to a press release from Dr. Angel Raj, Senior Superintendent of Post Offices, Mysuru Division. For details contact Ph: 0821-2417300.