The Mahila Samman Savings Certificate is an initiative designed to promote savings and investment among women and girls. Launched as part of Budget 2023, this scheme offers a one-time opportunity and will be accessible for two years, from April 2023 to March 2025.
Any Indian woman, irrespective of age, has the opportunity to open an account and invest under the scheme. In addition, a legal or natural guardian, including male guardians, can open an account for a minor girl. This provides an excellent opportunity to start the financial journey for your daughter or any girl under your care.
Only one account can be opened per woman, including all accounts opened in her name by guardians. The cumulative deposit of all accounts for a woman is limited to ₹2 lakhs. Upon reaching the age of 18, the account will automatically transfer to the ownership and management of the minor girl.
Steps to start a Mahila Samman Savings Certificate
There are two main methods of initiating a Mahila Samman Savings Certificate: through the bank or your nearest post office. While both methods are generally uncomplicated, the exact steps may show slight differences depending on the institution you choose.
Start a Mahila Samman Savings Certificate with a bank
- Go to your bank branch: You have the option to open the certificate at any branch of a participating bank. Notable banks offering the scheme include State Bank of India, Bank of Baroda, Canara Bank, and Central Bank of India. A comprehensive list of participating banks is available on the website of the Ministry of Finance.
- Complete the application form: The bank will give you an application form for Mahila Samman Savings Certificate. You need to provide your personal information, including your name, address, and PAN number, along with the amount you want to invest.
- Submit the form and required documents: In addition to the application form, you need to submit KYC documents, including your Aadhaar card and PAN card. Proof of address may also be required.
- Complete your deposit: After your application has been approved, it’s time to make your deposit. This can be done by cash, check, or online transfer.
- Get your certificate: After processing your deposit, you will be given a Mahila Samman Savings Certificate. This certificate serves as evidence of your investment, and it is important to keep it safe.
Start a Mahila Samman Savings Certificate at a post office
- Visit your nearest post office: You have the option to open the certificate at any post office across India.
- Complete the application form: The post office will give you an application form for the Mahila Samman Savings Certificate. Enter your details, including your name, address, PAN number, and the desired investment amount.
- Submit the form and required documents: Along with the application form, provide KYC documents, like your Aadhaar card and PAN card. In addition, proof of address may be required.
- Make your deposit: After your application is approved, proceed to make your deposit. This can be done in cash at the post office counter.
- Get your certificate: After processing your deposit, you will be given a Mahila Samman Savings Certificate. Protect this certificate as it serves as proof of your investment.
Which banks offer Mahila Samman Savings Certificate?
On June 27, 2023, the Department of Economic Affairs, Ministry of Finance, granted permission to all public sector banks and qualified private sector banks to administer the Mahila Samman Savings Certificate scheme, as announced through e- gazette notification. Some of them are:
- Bank of Baroda
- Canara Bank
- Bank of India
- Punjab National Bank
- Union Bank of India
- Central Bank of India
Documentation required for Mahila Samman Savings Certificate account
To open a Mahila Samman Savings Certificate account, you need to provide certain documents to validate your identity and address apart from submitting the filled application form. These documents are commonly referred to as Know Your Customer (KYC) documents and include
- KYC documents, including Aadhaar card, Voter ID, driver’s license, and PAN card
- KYC form for new account holders
- Pay-in-slip with deposit amount or check
The Mahila Samman Savings Certificate serves as a valuable instrument to promote financial inclusion and empowerment of women. Through its emphasis on saving and investing in women and girls, the scheme plays an important role in shaping a financially secure future for all.
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