The Government of India has authorized all Public Sector Banks and eligible Private Sector Banks to implement and operationalize the Mahila Samman Savings Certificate, 2023. This scheme aims to provide financial security to every girl and woman in India. Account opening is available until March 31, 2025, with a tenure of two years. The scheme can be subscribed to at Post Offices and eligible Scheduled Banks.

Key Features of the Scheme:

1. Secured Investment Option: The Mahila Samman Savings Certificate, 2023 offers an attractive and secured investment option for all girls and women in India. It ensures that their financial needs are met and provides a sense of economic empowerment.

2. Account Opening and Tenure: An account can be opened under this scheme on or before March 31, 2025, and has a tenure of two years from the date of opening. This allows individuals to plan their investments according to their financial goals and preferences.
3. Competitive Interest Rates: Deposits made under the Mahila Samman Savings Certificate, 2023 will earn interest at the rate of 7.5% per annum, compounded quarterly. This translates to an effective interest rate of approximately 7.7%. The scheme offers competitive returns on investments, enhancing the overall value of the savings.
4. Flexible Deposits: The scheme allows a minimum deposit of ₹1,000 and any sum in multiples of ₹100, up to a maximum limit of ₹200,000. This flexibility enables individuals to contribute according to their financial capacity and goals, encouraging widespread participation.

5. Partial Withdrawal Option: The Mahila Samman Savings Certificate, 2023 offers flexibility not only in investments but also in partial withdrawals during the scheme’s tenure. Account holders are eligible to withdraw up to 40% of the eligible balance in the scheme account, providing financial liquidity when needed.

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