Union Minister Smriti Irani Opens Mahila Samman Savings Certificate Account At Sansad Marg Head Post Office

Union Minister Smriti Irani opened the Mahila Samman Savings Certificate account at the Sansad Marg Head Post Office in Delhi on wednesday.

As the Minister of Women and Child Development and Minority Affairs, Irani urged more women to take advantage of this scheme. She personally stood in line with other post office customers and completed the account opening formalities at the counter.

A computer-generated passbook was given to the Minister at the counter itself once her MSSC account opening process was complete.

The Union Minister's tweet caption excerpt stated: "Opened Mahila Samman Saving Certificate (MSSC) account at Sansad Marg Post Office today. I urge women and young girls to enrol for MSSC and take benefit of this small savings scheme."

The Communication Ministry's statement reported that Smriti Irani had engaged with post office employees, as well as some MSSC and Sukanya Samriddhi Yojana account holders, during the event. The release also highlighted the Minister's commendable action, expressing confidence that it would motivate countless others to open MSSC and Sukanya Samriddhi accounts at their nearest post office.

The MSSC scheme was introduced in the 2023-24 Budget by Finance Minister Nirmala Sitharaman and is a significant stride towards financial inclusion and the empowerment of women.

As per a release, the scheme offers an appealing fixed interest rate of 7.5% compounded quarterly, with a flexible investment and partial withdrawal option, and a maximum ceiling of Rs 2 lakh. The scheme is valid until March 31, 2025, and has been made available in all 1.59 lakh post offices in the country since April 1, 2023.

The small-saving scheme requires a minimum investment of Rs 1,000 and allows for a maximum investment of Rs 2 lakh. It permits withdrawal of up to 40% of the eligible balance after one year from the account opening date. Account closure is permitted in the event of the depositor's or guardian's demise or on medical grounds. Premature closure within six months of opening is also allowed but with a 2% reduction in the interest rate.