Mahila Samman Saving Certificate facility now available in public sector banks, four private banks

Widening the scope of small saving schemes, the government has notified that just like other small savings schemes, Mahila Samman Savings Certificate accounts can now be opened across all public sector banks and in designated private banks. The Ministry of Finance, via a gazette notification notified that the facility of investment in Mahila Samman Savings certificate will also be available in private banks like ICICI, Axis, HDFC and IDBI Bank.

Earlier in April, the Mahila Samman Savings Certificates was made available in 1.59 lakh post offices. The scheme was announced during Union Budget 2023-24 by the Finance Minister to commemorate ‘Azadi Ka Amrit Mahotsav’ with an aim of financial inclusion and empowerment of the women, including the girls.

The notification issued by the government says that the authorisation to operate the scheme is subject to a few conditions, like the banks should have dedicated software for operation and accounting of National Savings Schemes with specific functionality for each scheme. Banks have also been asked to manage and offer the scheme through online mode also in all branches.