TLDR Women and girls can invest in the Mahila Samman Savings Certificate Scheme to earn a 7.5% interest rate with no risk, but it is only available until March 31, 2025.
Key insights
📈This scheme was announced in the budget to motivate women for saving and investing, highlighting the government’s focus on empowering women financially.
💰The Mahila Samman Savings Certificate Scheme offers a high interest rate of 7.5% compounded annually, making it a lucrative investment option for women.
💰If you need money before the maturity period, you can withdraw up to 40% of the deposited money after 1 year.
🏦Opening an account in the Mahila Samman Bachat Patra Yojana scheme requires knowing the process.
📝KYC documents such as Aadhar Card, PAN Card, and colorful photo are required to open an account, ensuring proper identification and security measures are in place.
💰Investing in the Mahila Samman Savings Certificate Scheme can yield significant returns, with an investment of Rs. 1,00,000 resulting in Rs. 1,16,022 at the time of maturity.
Highlights
💰00:00 Women can invest in the Mahila Samman Savings Certificate Scheme, a small savings scheme of the government, with accounts opened for women and girls below 18 years of age.
💰00:49 Invest in the Mahila Samman Savings Certificate Scheme for a 7.5% interest rate with no risk, but act fast because it’s only available until March 31, 2025.
💰01:32 You can withdraw up to 40% of the deposited money after 1 year in the Mahila Samman Savings Certificate Scheme 2024.
💰02:13 Mahila Samman Bachat Patra Yojana account can be closed if the account holder is seriously ill or dies, with a 2% reduction in interest, and interest will be given at the rate of 5.5%.
💰03:01 This savings certificate scheme can be opened at post offices or authorized banks, and is available for girls under 18 with parental consent and required KYC documents.
💰03:48 Invest in Mahila Samman Savings Certificate Scheme to earn interest at 7.5 percent.
FAQs
What are the benefits?
– High guaranteed interest rate compared to other schemes.
– Encourages saving habits among women and girls.
– Safe and secure investment backed by the government.
– Can be used for future financial needs like education or marriage.
Where can I open an account?
Any branch of public sector banks, authorized private banks, and post offices offer the scheme.