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The Mahila Samman Savings Certificate 2023 scheme, which was announced by the government in the Union Budget, has come into effect from Friday.

It was notified with the publication of the gazette notification on Friday. The Mahila Samman Savings Certificate is a one-time small savings scheme that will be offered for two years.

While announcing the scheme in the Union Budget, Finance Minister Nirmala Sitharaman had said that it will be made available for a two-year period up to March 2025.

The scheme will offer deposit facility of up to Rs 2 lakh in the name of women or girls for a tenure of two years at a fixed interest rate of 7.5 per cent with partial withdrawal option.

Under the scheme, a minimum amount of Rs 1,000 and a maximum amount of up to Rs 2 lakh can be deposited.

An account opened under this scheme would be a single holder account. The interest of 7.5 per cent per annum would be compounded on a quarterly basis and credited to the account. The deposit will mature on completion of two years from the date of the deposit.

The account holder would be eligible to withdraw a maximum of up to 40 per cent of the eligible balance once, after the expiry of one year from the date of opening of the account but before the maturity of the same.