As part of the 2023 budget, the Indian government introduced the Mahila Samman Savings Certificate programme, a transformative initiative aimed at promoting financial inclusion for women and girls through the encouragement of savings and investments. This initiative, active from April 2023 to March 2025, offers a unique avenue for women across the country to secure their financial futures.
Key Features of Mahila Samman Savings Certificate:
- Inclusive Access:
- The programme is open to any Indian woman, regardless of age, fostering inclusivity in financial participation.
- Legal or natural guardians, including males, can also open an account for a minor girl.
- Account Limitations:
- Each woman is allowed only one account under this scheme.
- The cumulative deposit limit across all accounts is capped at Rs 2 lakh.
- Transition of Ownership:
- At the age of 18, the account transitions to the ownership of the minor girl, ensuring a seamless financial transition.
- Choice of Institutions:
- Individuals can initiate the certificate through either banks or post offices, providing flexibility in choosing a financial institution.
Steps to Open Mahila Samman Savings Certificate:
At a Bank:
- Visit a participating bank branch (e.g., State Bank of India, Bank of Baroda, Canara Bank, Central Bank of India).
- Complete an application form with personal details and intended investment.
- Submit the form with KYC documents (Aadhaar card, PAN card, proof of address).
- Make the deposit through cash, cheque, or online transfer.
- Receive the Mahila Samman Savings Certificate as evidence of investment.
At a Post Office:
- Visit any post office in India.
- Complete an application form with personal details and investment amount.
- Make the deposit in cash at the post office counter.
- Receive the Mahila Samman Savings Certificate as proof of investment.
Authorized Banks: As of June 27, 2023, public sector banks and eligible private sector banks authorized to administer the scheme include Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank, Union Bank of India, and Central Bank of India.
Required Documentation for MSSC: Apart from the filled-in application form, KYC documents such as Aadhaar card, Voter ID, driving license, and PAN card are necessary. A KYC form for new account holders and a pay-in-slip with the deposit amount or a cheque are also required.
The Mahila Samman Savings Certificate stands as a beacon for financial inclusion and women’s empowerment, encouraging savings and investments for a financially secure future for all.
