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Mahila Samman Savings Scheme: GOI-backed financial initiative

The Mahila Samman Savings Scheme is a government-backed financial initiative.



Mahila Samman Savings Scheme

Discover everything you need to know about the Mahila Samman Savings Scheme, a government initiative aimed at empowering women financially.

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The empowerment of women is crucial for the overall development and progress of any society. Recognizing this fact, governments and organizations worldwide have implemented various initiatives to uplift women and provide them with equal opportunities. In India, the Mahila Samman Savings Scheme has emerged as a significant step towards women’s financial empowerment. This post aims to provide a comprehensive overview of the Mahila Samman Savings Scheme, including its objectives, features, benefits, and eligibility criteria.

What is the Mahila Samman Savings Scheme?

The Mahila Samman Savings Scheme is a government-backed financial initiative introduced by the Indian government to promote financial independence and the empowerment of women. It is a savings scheme specifically designed for women, offering them an opportunity to save and earn interest on their savings.

Objectives of the Scheme:

The scheme has several key objectives, including:

  1. Encouraging women to develop a habit of saving and financial planning.
  2. Promoting financial inclusion by providing women with access to formal banking services.
  3. Empowering women by giving them control over their financial resources.
  4. Enabling women to accumulate savings for emergencies, education, healthcare, and other needs.
  5. Enhancing women’s social and economic status by promoting economic participation and entrepreneurship.

Also Read: PM PRANAM Scheme: A Comprehensive Overview

Features and Benefits:

The Mahila Samman Savings Scheme offers several features and benefits, making it an attractive option for women to save and grow their money. These include:

  • High-interest rates: The scheme provides competitive interest rates on savings, ensuring that women’s savings grow over time. The Mahila Samman Savings Scheme is a recurring deposit scheme that allows women to deposit a fixed amount every month for a period of five years. The interest rate for this scheme is 7.4% per annum, which is compounded quarterly.
  • Flexibility: Women have the flexibility to choose the amount they want to save and the frequency of deposits. The minimum deposit amount is Rs. 100 and the maximum is Rs. 10,000. This makes it convenient for women from different income groups to participate in the scheme.
  • Security: The scheme is backed by the government, providing a secure and reliable platform for women to save their money. In case of any unforeseen circumstances, death or disability of the depositor, the account can be closed prematurely without any penalty. The nominee or legal heir will receive the full deposit amount along with interest. For example, if a woman dies after three years of opening the account, her nominee will get Rs. 2.12 lakh, which includes the principal amount of Rs. 1.8 lakh and the interest amount of Rs. 32,000.
  • Financial literacy: The Mahila Samman Savings Scheme also aims to enhance women’s financial literacy by providing education and training on financial management, investment, and entrepreneurship.
  • Access to credit: Women who actively participate in the scheme and maintain a good savings record may become eligible for credit facilities, such as loans, at favorable terms and conditions. The women depositor can avail of a loan of up to 50% of their deposit amount after one year of opening the account. This can help them meet any urgent financial needs without breaking their savings. For example, if a woman has deposited Rs. 2 lakhs in her account, she can take a loan of up to Rs. 1 lakh at an interest rate of 9% per annum.
  • Empowerment: By encouraging women to save and providing them with financial resources, the scheme empowers women to make independent decisions regarding their finances and improve their overall well-being.
  • Tax Benefit: One of the main advantages of this scheme is that it offers tax benefits under Section 80C of the Income Tax Act. This means that women can claim a deduction of up to Rs. 1.5 lakh on their taxable income by investing in this scheme.

Eligibility Criteria:

To be eligible for the Mahila Samman Savings Scheme, a woman must fulfill the following criteria:

  1. She must be an Indian citizen.
  2. She should be above the age of 18 years.
  3. There is no income or occupation-based restriction, making the scheme accessible to women from all walks of life.

How to Enroll in the Scheme:

To enroll in the Mahila Samman Savings Scheme, a woman can visit her nearest participating bank or financial institution and inquire about the scheme’s details and documentation requirements. The woman needs to provide the necessary identification documents, such as proof of identity, address, and age.


The Mahila Samman Savings Scheme has emerged as a remarkable initiative in promoting women’s financial empowerment in India. By encouraging women to save, providing them with financial education, and offering attractive benefits, the scheme empowers women to take control of their financial futures. It is crucial for society as a whole to support such initiatives and work towards creating an environment where women can thrive and contribute to the nation’s progress. Note: It is important to note that the details provided in this post are based on information available up until September 2021. For the most accurate and up-to-date information on the Mahila Samman Savings Scheme, it is advisable to consult official government sources or contact the concerned authorities.

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