Finance Minister Nirmala Sitharaman presented the budget on 1 February. Several significant announcements were made in this budget, with the most talked-about being the income tax relief. However, there are many other noteworthy aspects of the budget. In Budget 2025, Finance Minister Sitharaman did not recommend extending the Mahila Samman Savings Certificate.

 

This initiative was introduced by the Modi government in Budget 2023 and is categorized as a Small Savings Scheme managed by the Post Office. A notification regarding this scheme was released on March 31, 2023, indicating that it would be available for a duration of two years. Consequently, the scheme will conclude after March 31, 2025, and no further investments will be accepted.

 

Under this scheme, women can earn interest at a rate of 7.5%, which is higher than the fixed deposits offered by most banks. Here are the details regarding the scheme:

 

Who is eligible to open an account?

A woman can open an account in her name, and a guardian may also open an account on behalf of a minor girl.

 

What is the process to open an account?

To establish an account under this scheme, one must visit the nearest post office and submit the required form, along with KYC documents (Aadhaar and PAN card), a KYC form for the new account holder, and a pay-in slip with the deposit amount or cheque.

 

You can start investing in the Mahila Samman Savings Certificate with a minimum amount of Rs 1,000, and you can add more in increments of Rs 100.

 

Each individual can hold a maximum of Rs 2 lakh in their account.

 

If you already have an account, you’ll need to wait three months before opening another one.

 

What about the interest?

When you invest in this scheme, you’ll earn interest at a rate of 7.5% per year.

 

The interest is compounded quarterly, and you will receive it when you close your account.

 

Maturity

The total balance will be disbursed to you two years after you open the account.

 

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