Mahila Samman Scheme Sees Over 6,000 Crore Deposits In Two Months

In a remarkable turn of events, the government's small savings scheme program has experienced a substantial surge in growth this year, with the Mahila Samman Savings Certificate taking the lead.

Within a span of just two months, a staggering 10.26 lakh accounts have been opened under this scheme, with total deposits amounting to an impressive Rs 6,000 crore, as revealed by CNBC-TV18.

Building on this success, the government has made an exciting announcement of the major expansion of the 'Mahila Samman Savings Certificate' program. The Mahila Samman Savings Certificate accounts can now be opened not only in public sector banks but also in designated private banks, such as ICICI, Axis, HDFC, and IDBI Bank. This expansion opens up new avenues for individuals to invest in these certificates, offering greater accessibility and convenience alongside other small savings schemes.

Furthermore, it's not just the Mahila Samman scheme that is witnessing an upsurge in popularity. The Senior Citizens Saving Scheme has also experienced a significant increase in deposits. Last year, the government accumulated Rs 6,000 crore through this scheme, an impressive figure in itself. However, the current financial year has witnessed an astounding jump, with deposits soaring to a staggering Rs 23,000 crore, marking an unprecedented four-fold increase.

This surge in deposits bodes well for the government's ambitious goal of achieving a small savings target of Rs 4.71 lakh crore, as set in Budget 2023. With such notable growth and increased accessibility, the Mahila Samman Savings Scheme and the Senior Citizens Saving Scheme are becoming go-to options for individuals seeking secure and lucrative investment avenues.

The availability of the Mahila Samman Saving Certificate in public sector banks, as well as four designated private banks, signifies the government's commitment to empowering women and promoting financial inclusion. This move enables a wider audience to participate in the scheme, offering women across the country an opportunity to secure their financial future and contribute to the nation's economic growth.

As small savings schemes continue to gain traction, the government's efforts to encourage saving habits and mobilise funds for development initiatives are clearly paying off. With this remarkable growth, it is evident that these schemes are not only attracting investors but also making a substantial impact on the country's financial landscape.

As the government's efforts to expand the reach of these schemes bear fruit, it is anticipated that a broader segment of the population will benefit from these programs, fostering financial inclusion and empowering individuals to secure their future through prudent savings.

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