Mahila Samman Saving Certificate (MSSC) Scheme Expands To Public And Private Banks. Check Details Here

The government has announced that Mahila Samman Saving Certificate (MSSC) 2023 accounts, the newest small savings programme, can now be opened in 12 public sector banks and four private sector banks, expanding the range of small savings schemes.

The Mahila Samman Savings Certificate investment option will now also be offered at private banks like ICICI, Axis, HDFC, and IDBI Bank, according to a statement from the Ministry of Finance.

The notification also stated that there are a few requirements that must be met before the scheme can be authorised for operation. For example, the banks must have software specifically designed for managing and accounting National Savings Schemes, with capabilities tailored to each plan.

What is the Mahila Samman Savings Scheme?

The government introduced the Mahila Samman Savings Certificate, a one-time savings programme for women, in the Budget 2023. By encouraging more women to invest, the programme seeks to empower them.

The Mahila Samman Savings Certificate, a one-time savings programme for women, was created as a government-guaranteed programme in the Budget 2023 to encourage more women to invest.

Interest rate

This government-sponsored programme offers women a fixed interest rate of 7.5 percent. Interest will be accrued quarterly, deposited to the account, and paid upon account closure.

Tenure

Investments in the Mahila Samman Saving Certificate scheme are limited to a specific tenure of two years, commencing from April 1, 2023, and concluding on March 31, 2025. It is crucial to note that investments in this scheme cannot be made beyond this designated time frame.

Eligible-

It can be opened by a woman for herself or by a girl's guardian on her behalf.

Minimum deposit

The scheme has a minimum deposit requirement of Rs. 1000 and a maximum deposit limit of Rs. 2 lakh per account or across all accounts held by the account user.

Withdrawal

The government enables a withdrawal of 40% of the qualified sum after one year from the account's opening.

Pre-mature closure

In the event of the account holder's death, the account may be closed early.
On the basis of extreme compassion (i) the account holder's imminent death (ii) the guardian's passing after the presentation of pertinent documentation. On the principal amount, scheme interest will be paid.
If an account is closed without giving a reason after six months of account opening. Interest in this situation will be 2% less. It will cost, say, 5%.