Mahila Samman Savings Certificate: Earn 7.5% Interest, Over 43 Lakh Accounts Opened

Launched on March 31, 2023 as part of the ‘Azadi ka Amrit Mahotsav’ celebrations, the Mahila Samman Savings Certificate Scheme (MSSC) aims to foster financial independence among women and minor girls. With over 43 lakh accounts opened as of October 2024, the scheme underscores the Government of India’s commitment to financial inclusion and women empowerment.

Key Features of the Mahila Samman Savings Certificate Scheme

1. Eligibility and Account Opening:
   • Women can open an account in their name, or a guardian can do so on behalf of a minor girl.
   • The scheme is open for account applications until 31st March 2025.
2. Deposit Limits and Tenure:
   • Minimum deposit: ₹1,000.
   • Maximum deposit: ₹2,00,000.
   • Tenure: 2-year only.
3. Attractive Interest Rate:
   • MSSC offers an interest rate of 7.5% per annum, compounded quarterly, ensuring significant returns.
4. Flexibility in Withdrawals:
   • Partial withdrawals are allowed.
   • Premature closure is permitted under specific circumstances.

Premature Closure: Rules and Conditions

The facility for early closure of MSSC accounts is available in the following cases:

1. Death of the Account Holder:
   The account can be closed upon the depositor’s demise.
2. Compassionate Grounds:
   • Life-threatening illness of the account holder.
   • Death of the guardian (for minor accounts), with supporting documents.
3. No Reason Closure:
   Accounts can also be closed after six months of opening, but the interest rate is reduced by 2%, resulting in a payout of 5.5% interest on the principal.

Maturity Benefits

At the end of the two-year tenure, the depositor is entitled to the principal amount along with accumulated interest. This structure ensures a guaranteed return with safety.

How to Open a Mahila Samman Savings Certificate Account

Opening an MSSC account is a simple process. Here’s what is needed:

1. Documents Required:
   • Account opening form.
   • KYC documents such as Aadhaar and PAN card.
   • KYC form for new account holders.
   • Pay-in slip along with deposit amount or cheque.
2. Where to Apply:
   • Nearest post office.
   • Selected public and private sector banks, including Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank. 

Widening Reach Through Banks

On June 27, 2023, the Department of Economic Affairs authorised public sector banks and qualified private sector banks to operationalise the scheme. This move has made MSSC more accessible to women across the country, enhancing its impact on financial inclusion.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.