Bagalkot: ‘ Mahila Samman’ saving certificate, a flagship programme of the Union Government to encourage the women to save their money in post offices to get better returns, is getting encouraging response in Bagalkot district.
The Union Government has launched the programme from the current financial year, with the message that ‘saving is equal to earning’.
The programme is being implemented through the Department of Post for the financial empowerment of the women, mainly of poor and lower middle class category who have limited earning.
According to the officials, already some three hundred women have registered for the scheme in the district since May.
“ With the encouraging response, we have decided to select one village each in the taluk where at least hundred accounts of women will be opened in the post office”, Postal Superintendent, H. B. Hasabi said.
Explaining the scheme, he said that women of any age group can deposit money from the minimum of Rs. 1,000 to Rs. 2 lakh for two years. The beneficiaries would be given 7.5 interest on their deposit.
They can either withdraw the full amount with interest after two years, or can also withdraw 40% of the total amount after a year.
For any medical emergency, the amount could be withdrawn anytime with the accumulated interest, the officials said.
The department has decided to popularize the scheme among the women in the district, for which awareness programmes are being held, the officials said.
“ Though some private banks are also offering higher interest rate, however since common people still have greater faith in the postal department, they are coming forward to use the scheme”, Hasabi said.