Mahila Samman Saving Scheme: Empowering Women Through Financial Inclusion

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In a recent move towards financial inclusion and empowerment of women, the Mahila Samman Saving scheme was announced in the 2023-24 Union Budget by Finance Minister Nirmala Sitharaman. The scheme offers many advantages to women, including a flexible investment and partial withdrawal options with a maximum ceiling of Rs 2 lakh.

Prime Minister Narendra Modi took to Twitter on Saturday to urge more women to enrol for MSSC. The call comes after Union Minister Smriti Irani opened a Mahila Samman Saving scheme account at a post office in the national capital, paving the way for empowering women through this investment instrument.

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The Mahila Samman Saving scheme has been made available in all 1.59 lakh post offices from April 01, 2023. The 2-year tenure scheme will offer an interest rate of 7.5 per cent compounded quarterly, valid until March 2025.

The government has also recently raised the rate of interest on various Small Savings Schemes for the first quarter of the financial year 2023-24 starting April 1 by up to 70 basis points. The interest rates on small savings schemes are reviewed every quarter based on a set formula.

The noble gesture of the Minister will surely inspire millions to come forward and open their Mahila Samman saving scheme account and Sukanya Samriddhi account in the nearest post office. This move towards financial inclusion and empowerment of women is a significant step in the right direction and we hope that more women will take advantage of this opportunity.


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