Mahila Samriddhi Yojana » Bhartiya Yojana भारतीय योजना

Mahila Samriddhi Yojana: An In-Depth Guide

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Mahila Samriddhi Yojana is a scheme launched by the Indian government on 2^nd Oct. 1993 to empower women financially and promote their welfare. This scheme is specifically designed for women who belong to the economically weaker sections of society. Under this scheme, women can open a savings account and earn interest on their savings. Additionally, this scheme provides insurance coverage and loans to help women meet their financial needs.

What is Mahila Samriddhi Yojana?

Mahila Samriddhi Yojana is a government-sponsored scheme aimed at providing financial assistance to women from economically weaker sections. This scheme encourages women to save money and earn interest on their savings. Women can open an account under this scheme with a minimum deposit of INR 10. This scheme is available in all post offices across India.

How to open an account under Mahila Samriddhi Yojana?

To open an account under Mahila Samriddhi Yojana, women need to visit their nearest post office and fill out the required application form. The form can be obtained from the post office. The account can be opened with a minimum deposit of INR 10. Women are required to submit their identity proof and address proof along with the application form.

Eligibility criteria for Mahila Samriddhi Yojana

The following are the eligibility criteria for Mahila Samriddhi Yojana:

Women who belong to economically weaker sections are eligible to open an account under this scheme.
Women who are 18 years of age or above are eligible to open an account under this scheme.
Women who have valid identity proof and address proof are eligible to open an account under this scheme.

Benefits of Mahila Samriddhi Yojana

The following are the benefits of Mahila Samriddhi Yojana:

Interest on savings: Women can earn interest on their savings under this scheme. The interest rate is decided by the government and is subject to change from time to time.
Insurance coverage: Women who have opened an account under this scheme are eligible for insurance coverage of up to INR 30,000. This insurance coverage is provided by the government.
Loan facility: Women who have opened an account under this scheme can avail of loan facilities for various purposes such as education, marriage, etc. The interest rate on the loan is lower than the market rate.

Drawbacks of Mahila Samriddhi Yojana

The following are the drawbacks of Mahila Samriddhi Yojana:

Limited coverage: This scheme is only available to women from economically weaker sections. Women from the middle class and upper class are not eligible to open an account under this scheme.
Limited interest rate: The interest rate on savings is decided by the government and is subject to change from time to time. The interest rate may be lower than the market rate.
Limited loan amount: The loan amount that can be availed under this scheme is limited.

Credit Based Schemes For SC – Mahila Samriddhi Yojana

A Micro finance scheme by Ministry of Social justice and Empowerment for Women of Scheduled Caste Category with a rebate in interest. Read more- SMILE – Support for Marginalized Individuals for Livelihood and Enterprise” Scheme

Unit Cost-

Up to Rs 1,40,000/-

Quantum of Assistance-

up to Rs 90% of the Project Cost

Interest Rate per annum chargeable to-

SCAs – 1 %
Beneficiaries – 4 %

Financial Assistance-

Up to 90% of Project Cost of Rs. 1,40,000 for small income generating activities at Interest rates chargeable at 4%

Repayment Period-

Within 3 and ½ years, in quarterly installments from date of each disbursement including the moratorium period

Moratorium Period–

3 months.

Eligibility-

The scheme is for entrepreneurs of the Scheduled Caste Category.

Documents Required-

The applicants are required to submit application in NSFDC’s format with details of business and copies of caste, income and experience etc. at the channelising agency office.

Indicative Documents

Aadhaar Card
Income certificate
Caste certificate
Bank account statement

Conclusion

Mahila Samriddhi Yojana is a scheme that has been launched by the Indian government to empower women financially and promote their welfare. This scheme provides various benefits such as interest on savings, insurance coverage, and loan facilities. However, this scheme has some drawbacks such as limited coverage, limited interest rates, and limited loan amounts.

FAQs

Can women from the middle class and upper class open an account under Mahila Samriddhi Yojana?

No, this scheme is only available to women from economically weaker sections.

Is the interest rate on savings fixed or variable?

The interest rate on savings is decided by the government and is subject to change from time to time.

Can women avail of insurance coverage without opening an account under this scheme?

No, insurance coverage is only available to women who have opened an account under this scheme.

What is the minimum deposit required to open an account under Mahila Samriddhi Yojana?

The minimum deposit required to open an account under Mahila Samriddhi Yojana is INR 10.

Is there any penalty for premature withdrawal of savings under this scheme?

Yes, there is a penalty for premature withdrawal of savings under this scheme. The penalty amount varies depending on the time period for which the account has been operational.