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Prime Minister Narendra Modi on Monday said that the Centre is committed towards women empowerment, and described the implementation of a new savings scheme for women "Mahila Samman Bachat Patra" as an example of this.

"Our government is committed towards the respect and empowerment of women and Mahila Samman Bachat Patra launched by India Post is the best example of this," he tweeted.

He also tagged a tweet by India Post announcing the scheme's implementation from April 1 onwards.

The scheme was announced in the Union Budget for 2023-24 and came into effect from April 1 through a gazette notification.

Earlier on March 31, the Finance Ministry had issued the gazette notification for Mahila Samman Savings Certificates, 2023, which has been made available in 1.59 lakh post offices with immediate effect from April 1 onwards.

The two-year tenure scheme offers a fixed interest of 7.5 per cent, compounded quarterly with flexible investment and partial withdrawal options, with a maximum ceiling of Rs 2 lakhs.

The scheme is valid for a two-year period upto March 31, 2025.