Open Mahila Samman Savings Certificate with 7.5% interest

 Mahila Samman Savings Certificate (MSSC) : The "Mahila Samman Savings Certificate" scheme, launched by the Department of Economic Affairs, Ministry of Finance, aims to provide financial security to girls and women in India. Post Offices, Public Sector Banks and eligible Private Sector Banks were permitted to implement the scheme via an e-gazette notification on June 27, 2023. This move expands access to the scheme, which was previously available only through Post Offices and eligible Scheduled Banks. Operational since April 1, 2023, the scheme is valid until March 31, 2025.

Key Features of the MSSC Scheme:-

 Offers secure and appealing investment opportunities for girls and women.Accounts can be initiated until March 31, 2025, with a two-year tenure. Deposits earn a competitive interest rate of 7.5% per annum, compounded quarterly.Deposits range from a minimum of ₹1,000 to a maximum of ₹2,00,000, in multiples of ₹100.Investments mature two years from the opening date. Provides flexibility for both investments and partial withdrawals, allowing up to 40% of the eligible balance to be withdrawn during the scheme's tenure.

 (a) Who can open Mahila Samman Savings Certificate:-

 By a woman for herself or By the guardian on behalf of a minor girl can open account 

(b) Deposit:- 

(i) Minimum of rupees one thousand and in multiple of rupees one hundred. (ii) Maximum limit of rupees two lakh in an account or all account hold by an account holder. (iii) A time gap of three months shall be maintained between the existing account and the opening of other account. 

(c) Interest:-

 (i) Deposit shall eligible for 7.5 per cent interest per annum. (ii) Interest will be compounded quarterly. (iii) Account opened or deposit made in-contravention of rules will be eligible for interest @ PO Savings Account. The interest payable to the account holder in respect of any account opened or deposit made which is not in consonance with the provisions of this Scheme shall be payable at the rate applicable to the Post Office Savings Account

(d) Withdrawal:-

 40% withdrawal of eligible balance can be taken after one year from the date of account opening. .

(e) Pre-mature closure 

(i) On the death of the account holder 

(ii) On extreme compassionate ground (i) Life threatening decease of account holder (ii) death of the guardian on production of relevant documents. 

(f) Maturity:- 

(i) After two years from the date opening eligible balance will be paid to the depositor. 

(g) How to open account:- 

(i) Submit Account Opening Form, KYC Document (Aadhaar and PAN card) Pay-in-Slip along with deposit amount/cheque at nearest Post Office or Banks

FAQs

Q.What is Mahila Samman Savings Certificate?

Ans. Mahila Samman Savings Certificate Scheme is one-time new small savings scheme for women investors. Mahila Samman Bachat Patra will be made available for a two-year period up to March 2025. 

Q. Maximum Deposit in Mahila Samman Savings Certificate

Ans. Maximum Deposit in Mahila Samman Savings Certificate will be upto 2 lakh in the name of women or girls. Maximum Deposit in MSSC upto 2 lakh

Q. Tenure For Mahila Samman Bachat Patra

 Ans:- MSSC will have a tenure of 2 years

Q.Interest Rate for Mahila Samman Savings Certificate

Ans:- Interest rate of 7.5 per cent for Mahila Samman Savings Certificate

Q.Who Can Open Mahila Samman Savings Certificate (MSSC)

Ans- The deposit can be made in the name of a woman or a girl child in MSSC scheme

Q. Tax Benefit for Mahila Samman Savings Certificate (MSSC) 

Ans:- There are no tax benefits, but partial withdrawal is allowed in Mahila Samman Savings Certificate.

Q where can open Mahila Samman Savings Certificate?

Ans. You can open a Mahila Samman Savings Certificate in any post office.

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