Prime Minister Narendra Modi’s government is working hard to support women and help them become financially strong.
They have introduced a special savings scheme called the Mahila Samman Savings Award for women in this year’s general budget.
This scheme, known as the Certificate, has a two-year investment period, and people can invest from Rs 1000 to Rs 2 lakh.
The government also provides 7.5 percent interest on the savings, which is deposited quarterly.
After the first year, account holders can withdraw up to 40 percent of the amount. For example, if you open an account in December 2023, it will mature in October 2025.
You can open this account in any bank or post office, and for girls under 18, their parents can open it.
To open an account, you need to fill out Form-1 and provide KYC documents like Aadhar card, PAN card, and a colorful photo.
You can benefit from this scheme until the year 2025. If the account holder becomes seriously ill or passes away, the Mahila Samman Bachat Patra Yojana account can be closed after 6 months from the opening date.
However, in such situations, the money is available with a reduced interest rate of 2 percent, giving a return of 5.5 percent.
