Vinod Chandrashekhar Dixit
The Mahila Samman Savings Certificate is a small-savings scheme specifically meant for women investors. Bank of India (BOI), one of the largest and the most trust branded Public Sector Banks in India has officially launched the Mahila Samman Savings Certificate, 2023. The primary goal of the scheme is to increase women’s participation in investments and to promote their financial inclusion. Women who are looking for a short-term investment plan to take charge of their finances and achieve financial independence then Mahila Samman Saving Certificate is a ticket to their brighter future.
Bank of India is the first bank to operationalize this scheme at all its branches, making them authorized to open accounts under the Mahila Samman Savings Certificate, 2023. BOI is playing a major role in scripting India’s growth story, bringing the much-needed change across the country, in fact BOI is playing a vital role in women empowerment. Be it the schemes pertaining to educational financing at early age or financial assistance for setting up a source of livelihood; BOI also plays an important in enhancing financial inclusion of women in the Indian economy.
The Mahila Samman Savings Certificate is a one-time savings scheme for women announced by the government in Budget 2023. The scheme aims to empower women by increasing their participation in investments. It is a government-guaranteed scheme where women can earn a fixed interest of 7.5%. This scheme is available for investment for two years only, starting from April 1, 2023, to March 31, 2025. After this period, you cannot invest in this scheme. To commemorate Azadi Ka Amrit Mahotsav, a one-time small savings scheme, Mahila Samman Savings Certificate, Finance Minister Nirmala Sitharaman had announced this flagship scheme during the Budget speech FY 2023-2024 on February 1, 2023.
Under the scheme, individual girls or women can open a Mahila Samman Savings Certificate, or a guardian can open an account on behalf of a minor girl. It is a government-supported scheme that offers you a guaranteed rate of return. So, you do not have to worry about market fluctuations; your returns are safe. The scheme is exclusively available to women. Hence, any woman above 18 years of age can invest in this scheme by herself. Also, in the case of minors, the guardian can open the account on behalf of the girl.
Until now, only post offices were authorized to open accounts under the Mahila Samman Savings Certificate, but the government has allowed scheduled banks to offer this facility through a gazette notification and Bank of India is the first bank to roll out this scheme. This specially designed scheme is for those women who’re looking for a safe and secure investment plan. Women can invest in the scheme and can get risk-free returns. BOI is widely recognised for its role in serving all socio-economic sections, with a particular focus on its accomplishments in enabling women empowerment and promoting female
entrepreneurship.