Women’s savings scheme offers higher interest than bank fixed deposits until March 2025

The Mahila Samman Savings Scheme, launched in April 2023, offers women and girls a higher interest rate of 7.5%, surpassing typical 2-year bank fixed deposits. The scheme encourages savings and investments, with a deadline for contributions set for March 31, 2025. Deposits range from a minimum of Rs 1,000 to a maximum of Rs 2,00,000. Account holders can withdraw up to 40% of their balance after one year. The scheme allows for premature closure under specific circumstances, with interest rates adjusted accordingly. To open an account, applicants need to provide identification documents and can do so at various banks and post offices. The account matures two years after opening, with the total balance paid out at that time.