In Budget 2023, the ‘Mahila Samman Savings Certificate’ was introduced for female investors. This is a one-time small savings programme that will be available for two years. The official announcement and details, however, have yet to be released by the government.

FM Sitharaman said, “For Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period ending in March 2025. This will provide a deposit facility of up to Rs.2 lakh in the name of women or girls for a period of two years at a fixed interest rate of 7.5% with the option of partial withdrawal”.

Mahila Samman Certificate offers 7.5% interest over a two-year period, while SBI offers the highest rate of up to 6.80% over the same time period. The highest rate, 7.10%, is offered by HDFC Bank for terms of 15 months to less than 18 months, while ICICI Bank also offers 7.10% for terms of up to 2 years. PNB has the highest rate of 7.25% on a 666-day tenure.

Sukanya Samriddhi is another small savings scheme designed specifically for girls. The two schemes are very different from one another. The short-term Mahila Samman Saving Certificate has a maximum investment limit of Rs 2 lakh, while the long-term Sukanya Samriddhi Yojana has a maximum investment limit of Rs 15 lakh.

Documents required to access the Mahila Samman Certificate

The documentation listed below must be supplied with the application to open a modest savings scheme account at the Post Office.

I. Bring the following forms, properly filled out and signed, to the selected Post Office to start an account. Account Opening Form KYC Form (For new clients/updates to KYC information)

2. PAN Card & Aadhaar Card; if Aadhar is not available, the following document may be submitted.

1. Passport

2. A driver’s license

3. A voter ID card

4. A State Government officer’s signature appears on the job card issued by MNREGA.

5. Letter with name and address information sent by the National Population Registry.