half the country’s population This means that the government is continuously working for better financial security for women. From time to time, the government has been bringing saving schemes according to the needs of women. Last year also in the budget, the government had brought an excellent saving scheme, ‘Mahila Samman Bachat Yojana’. It was introduced especially keeping women and girls in mind. In this savings scheme, you are getting higher returns than bank FD with a lock in of 2 years. The last date to invest in Mahila Samman Savings Scheme is March 31, 2025. Let us know about the features of this saving scheme.
Interest is available at the rate of 7.5%
Under Mahila Samman Savings Scheme, interest is being given at the rate of 7.5% per annum on the deposited amount. Interest is compounded on quarterly basis. It is credited to the account and paid at the time of closure. The interest paid on this scheme is currently more than a 2 year bank FD. For example, SBI is offering interest on two-year FD at the rate of 6.80% to general customers and 7.30% to senior citizens. At the same time, HDFC Bank is giving interest at the rate of 7.00% to general customers and 7.50% to senior citizens.
Who can invest?
Investment in Mahila Samman Savings Scheme can be opened by a woman in her own name or by a guardian on behalf of a minor girl.
What is the maximum amount allowed to be invested?
This saving scheme has a minimum investment limit of Rs 1,000 and maximum Rs 2,00,000. To open an account, the applicant has to submit the account opening form, KYC documents (Aadhaar and PAN card), KYC form for new account holders and pay-in slip along with the deposited amount or check to the nearest post office or bank branch.
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