Wednesday, June, 12,2024

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Public sector, select private banks authorised to implement Mahila Samman Savings Certificate

New Delhi: The Centre has authorised all public sector banks and eligible private sector banks -- ICICI Bank, Axis Bank, HDFC Bank Ltd. and IDBI Bank -- to implement and operationalise the Mahila Samman Savings Certificate scheme.
With this, the Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices, and eligible Scheduled Banks, the Ministry of Finance said in a release. Mahila Samman Savings Certificate scheme was announced in the 2023-24 Union Budget by Finance Minister Nirmala Sitharaman and is a significant step towards financial inclusion and empowerment of women.
The two-year tenure scheme will offer an interest rate of 7.5 per cent compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of Rs two lakh.
The scheme is valid for a two-year period upto March 2025. An account can be opened under this scheme on or before March 31, 2025, for a tenure of two years.
The scheme has been made available in all 1.59 lakh post offices from April 01, 2023, when the finance ministry had formally issued the notification.
"The Central Government has made a number of efforts to secure the political, social, and economic advancement of women through a variety of planned initiatives. In continuation of these efforts, Mahila Samman Savings Certificate, 2023 scheme was announced in the Union Budget FY 2023-24 by the Central Government to provide financial security to every girl and woman in India," the finance ministry release said. (ANI)

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