Good news for women in India! The Mahila Samman Savings Certificate has been introduced by Finance Minister Nirmala Sitharaman for female investors in the Budget 2023. It is a one-time small savings scheme for women with a tenure of two years. However, the official announcement and scheme details are yet to be discussed by the government.
Sitharaman said that a one-time new small savings scheme (Mahila Samman Savings Certificate) will be launched to commemorate Azadi Ka Amrit Mahotsav, and it will be made available for a period of two-year up to March 2025.
The scheme will offer a deposit facility of up to Rs. 2 Lakhs in the name of women/girls for a 2 years tenure. The interest rate offered will be fixed at 7.5 per cent per annum with a partial withdrawal option.
Limit: The maximum deposit amount is Rs. 2 Lakhs for the Mahila Samman Savings Certificate.
Tenure: The scheme will be offered for a two-year term i.e., up to March 2025.
Interest rate: This savings scheme will provide a 7.5% annual interest rate, with an option of partial withdrawal.
Tax relief: It is a small-savings plan backed by the Indian government. Generally, Section 80C of the Income Tax Act offers tax benefits for small savings plans. The details about this are yet to be announced.
If Aadhar is not available, you can submit any of the following documents:
Passport
Driving license
Voter ID Card
Job Card issued by MNREGA signed by the State Government officer.
Letter issued by the National Population Register (NPR) mentioning the name and address of the applicant.
All of the above documents must be duly signed and filled in at desired Post Office.
Mahila Samman Savings Certificate Interest Rate Compared to Other Banks
Mahila Samman Savings Certificate offers an annual interest of 7.5% on a 2-year tenure, while SBI offers up to 6.80% for the same tenure. The highest interest at HDFC Bank can go up to 7.10% on 15 months to 18-month tenure, and the rate is the same with ICICI Bank for up to 2 years tenure. The highest rate is offered by PNB, i.e. 7.25% on a tenure of 666 days.
The government offers various small savings/ post office schemes. Interest rates on these savings schemes are decided every quarter by the government. These are popular schemes as they provide guaranteed fixed interest rates and are backed by the central. Some of these schemes are NSC, SCSS, PPF, Sukanya Samriddhi Yojana, etc.
Updated On Apr 28, 2026
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Written By Reshma RawatAssistant Content ManagerCredit Cards, Credit Score, Personal Loan, Home Loan, etc.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
