Women's Day 2024: Know all about Mahila Samman Savings Certificate

Savings for she: As we approach International Women's Day on March 8, 2024, it's crucial to recognise strides me towards gender equality and women's empowerment. In this context, initiatives like Mahila Samman Savings Certificate programme, introduced as part of 2023 budget, are notable. 

This programme aims to encourage financial inclusion for women and girls by promoting savings and investment. Available from April 2023 to March 2025, it allows any Indian woman, regardless of age, to open an account. Legal or natural guardians, including males, can also open an account for a minor girl.

Only one account per woman is permitted, with a cumulative deposit limit of Rs 2 lakh across all accounts. At age of 18, account transitions to ownership of minor girl. To initiate certificate, individuals can choose between banks and post offices.

Steps to Open Mahila Samman Savings Certificate

At a Bank:

1. Visit a participating bank branch like State Bank of India, Bank of Baroda, Canara Bank, or Central Bank of India.
2. Complete an application form with personal details and intended investment.
3. Submit form with KYC documents (Ahaar card, PAN card, and proof of dress).
4. Make deposit through cash, cheque, or online transfer.
5. Receive Mahila Samman Savings Certificate as evidence of investment.

At a Post Office:

1. Visit any post office in India.
2. Complete an application form with personal details and investment amount.
3. Submit form with KYC documents (Ahaar card, PAN card, and proof of dress).
4. Make deposit in cash at post office counter.
5. Receive Mahila Samman Savings Certificate as proof of investment.

As of June 27, 2023, public sector banks and eligible private sector banks authorised to minister 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 filled-in application form, KYC documents such as an Ahaar card, Voter ID, driving licence, and PAN card are needed. A KYC form for new account holders and a pay-in-slip with deposit amount or a cheque are also required.

Mahila Samman Savings Certificate contributes to financial inclusion and empowerment of women by encouraging savings and investment, reby shaping a financially secure future for all.