‘Under the Mahila Samman Savings Scheme account holders can withdraw up to 40% of their balance after one year. The account can also be closed early in case of the account holder’s death, a life-threatening illness, or the death of the guardian.
Mahila Samman Bachat Scheme for Better Financial Security
The government is continuously working to provide better financial security for women, who make up half of the country’s population. Based on women’s needs, the government regularly introduces savings schemes. Last year’s budget included a great savings scheme, the ‘Mahila Samman Bachat Scheme,’ designed specifically for women and girls. This scheme offers better returns than bank FDs with a 2-year lock-in period. The last date to invest in the scheme is March 31, 2025. Let’s take a look at the features of this scheme.
The Mahila Samman Bachat Scheme offers an annual interest rate of 7.5%. The interest is compounded quarterly, credited to the account, and paid at the time of account closure. This interest rate is currently higher than that of a 2-year bank FD. For example, SBI offers 6.80% interest for regular customers and 7.30% for senior citizens on a 2-year FD, while HDFC Bank offers 7.00% for regular customers and 7.50% for senior citizens.
Who can invest?
The Mahila Samman Bachat Scheme can be invested in by any woman in her own name or by a guardian on behalf of a minor girl.
What is the maximum investment allowed?
The minimum investment in this scheme is Rs.1,000, and the maximum is Rs.2,00,000. To open an account, the applicant needs to submit an account opening form, KYC documents (Aadhaar and PAN card), KYC form for new account holders, and a deposit or cheque along with a pay-in slip at the nearest post office or bank branch.
Every year, the government launches improved schemes to empower women and girls financially. These initiatives aim to help them achieve important milestones in life, making them more successful and self-reliant. The Women’s Honor Savings Scheme is one such excellent initiative, offering attractive interest rates. Along with this, the government has introduced many other schemes to provide financial support to women and girls. If you want to benefit from these amazing opportunities, make sure to join this scheme as soon as possible.
If you want to know more details about this scheme, you can visit the government’s official website to get complete information about the “Mahila Samman Bachat Scheme.”
