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Updated March 8th, 2024 at 08:06 IST

Women's Day 2024: Know all about Mahila Samman Savings Certificate

This scheme is available for investment for two years only, starting from April 1, 2023, to March 31, 2025.

Reported by: Business Desk
Savings for she
Savings for she | Image:Freepik
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Savings for she: As we approach International Women's Day on March 8, 2024, it's crucial to recognise the strides made towards gender equality and women's empowerment. In this context, initiatives like the Mahila Samman Savings Certificate programme, introduced as part of the 2023 budget, are notable. 

This programme aims to encourage financial inclusion for women and girls by promoting savings and investment. Available from April 2023 to March 2025, it allows any Indian woman, regardless of age, to open an account. Legal or natural guardians, including males, can also open an account for a minor girl.

Only one account per woman is permitted, with a cumulative deposit limit of Rs 2 lakh across all accounts. At the age of 18, the account transitions to the ownership of the minor girl. To initiate the certificate, individuals can choose between banks and post offices.

Steps to Open Mahila Samman Savings Certificate

At a Bank:

  1. Visit a participating bank branch like State Bank of India, Bank of Baroda, Canara Bank, or Central Bank of India.
  2. Complete an application form with personal details and intended investment.
  3. Submit the form with KYC documents (Aadhaar card, PAN card, and proof of address).
  4. Make the deposit through cash, cheque, or online transfer.
  5. Receive the Mahila Samman Savings Certificate as evidence of investment.

At a Post Office:

  1. Visit any post office in India.
  2. Complete an application form with personal details and investment amount.
  3. Submit the form with KYC documents (Aadhaar card, PAN card, and proof of address).
  4. Make the deposit in cash at the post office counter.
  5. Receive the Mahila Samman Savings Certificate as proof of investment.

As of June 27, 2023, public sector banks and eligible private sector banks authorised to administer the scheme include Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank, Union Bank of India, and Central Bank of India.

Required Documentation for MSSC

Apart from the filled-in application form, KYC documents such as an Aadhaar card, Voter ID, driving licence, and PAN card are needed. A KYC form for new account holders and a pay-in-slip with the deposit amount or a cheque are also required.

The Mahila Samman Savings Certificate contributes to financial inclusion and the empowerment of women by encouraging savings and investment, thereby shaping a financially secure future for all.

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Published January 30th, 2024 at 11:53 IST

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