Mahila Samman Savings Scheme: March 31 Marks the Last Day to Apply

Launched on April 1, 2023, the Mahila Samman Savings Scheme (MSSS) is a government-supported small savings initiative aimed specifically at women and girls. MSSS offers a fixed 2-year tenure.

The scheme was introduced to strengthen financial inclusion and encourage women to securely save and grow their wealth. The deadline for investing in the Mahila Samman Savings Scheme is March 31, 2025. As this is a limited-time scheme, no new investments will be accepted after the deadline.

How to Invest in Mahila Samman Savings Scheme?

The MSSS investment process is entirely offline. Interested individuals must visit a post office or select banks to open an account.

The following steps are required:

1. Fill out the Mahila Samman Savings Certificate application form.
2. Submit Know Your Customer (KYC) documents, including Aadhaar and PAN.
3. Provide the deposit amount in cash or cheque.
4. Receive the certificate as proof of investment.

What are the Key Features of MSSS?

• Interest Rate: 7.5% per annum, compounded quarterly
• Tenure: 2 years
• Deposit Limit: Minimum ₹1,000, Maximum ₹2 lakh
• Eligibility: Women aged 18 and above or guardians for minor girls
• Withdrawal Option: 40% partial withdrawal allowed after one year
• Security: Government-backed with guaranteed returns
• Tax Treatment: Interest earned is taxable, but no tax is deducted at the source (TDS)

How to Withdraw Amount from MSSS?

The Department of Posts has recently introduced a 40% early withdrawal option, allowing account holders to access a portion of their funds before maturity.

The process includes:

1. Visiting the post office where the MSSS account is held.
2. Submitting a withdrawal request form along with valid identification.
3. The Finacle system processing the request and calculates the correct interest.
4. The withdrawn amount being credited to the linked bank account.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.