Mahila Samman Saving Certificate (MSSC)

The Mahila Samman Savings Certificate scheme was introduced by the Department of Economic Affairs, Ministry of Finance to offer financial security to women and girls across India. As per an e-gazette notification issued on June 27, 2023, all Public Sector Banks and eligible Private Sector Banks have been authorised to implement and operate the scheme.

This move is intended to expand access and make the scheme more widely available. Initially launched on April 1, 2023, through Post Offices, the scheme can now also be subscribed to through eligible Scheduled Banks. It is valid for a two-year period, ending on March 31, 2025.

Remember, it is important to diversify your investments for greater financial stability. Consider opening a fixed deposit (FD) alongside your Mahila Samman Savings Certificate. This can help you diversifies your portfolio and helps you reach your financial goals faster.

Features of the Mahila Samman Savings Certificate scheme

• Secure and Attractive Investment Option: Designed exclusively for girls and women, offering a safe way to grow their savings.

• Limited-Time Enrollment: Accounts can be opened on or before March 31, 2025, with a two-year tenure from the date of account opening.

• Competitive Interest Rate: Earn 7.5% interest per annum, compounded quarterly, for the entire duration.

• Flexible Deposit Limits: Minimum deposit is Rs. 1,000, and further deposits must be in multiples of Rs. 100, up to a maximum of Rs. 2,00,000.

• Fixed Maturity Period: The investment matures exactly two years after the account is opened.

• Partial Withdrawal Allowed: Account holders can withdraw up to 40% of the eligible balance during the scheme’s tenure, offering both flexibility and liquidity.

Benefits of MSSC Scheme

1. The scheme offers a safe and rewarding investment option exclusively for girls and women.

2. It provides a fixed interest rate of 7.5% per annum, compounded quarterly, along with flexible investment limits and the option for partial withdrawals, up to a maximum deposit of Rs. 2,00,000.

3. The scheme has a tenure of two years from the date of account opening.

4. Interest is calculated quarterly and credited to the account regularly.

Note: If an account is opened or a deposit is made in violation of the scheme’s rules, the interest will be paid at the lower rate applicable to Post Office Savings Accounts.

Eligibility Criteria for Mahila Samman Saving Certificate

1. Only Indian citizens are eligible to apply.

2. The scheme is exclusively for women and girl children.

3. Any individual woman can open an account under this scheme.

4. For minors, a guardian can open the account on their behalf.

5. There is no upper age limit – women of all age groups can benefit from the scheme.

Note: The account under this scheme will be a single-holder type account only.

Deposit Rules

• An individual can open multiple accounts, provided:

  • The total deposit across all accounts doesn’t exceed Rs. 2,00,000.

  • There is a minimum gap of 3 months between opening two accounts.

• The minimum deposit is Rs. 1,000, and additional deposits must be in multiples of Rs. 100.

• No further deposits are allowed in the same account once it is opened.

Maturity and Payout

• The deposit matures after 2 years from the date of deposit.

• On maturity, the Eligible Balance is paid out to the account holder.

• Rounding rule for payout:

  • Amounts of 50 paisa or more are rounded up to the nearest rupee.

  • Amounts less than 50 paisa are ignored.

Withdrawal Rules

• A one-time withdrawal of up to 40% of the Eligible Balance is allowed:

  • Only after 1 year from the date of account opening.

  • Must be before maturity.

• For minor accounts, the guardian can apply for withdrawal with a valid certificate, confirming it’s for the benefit of the child.

• Rounding rule for withdrawal:

  • Amounts of 50 paisa or more are rounded up.

  • Amounts below 50 paisa are not considered.

Documents required for Mahila Samman Savings Certificate

To invest in the Mahila Samman Savings Certificate, you need to provide specific documents during the account-opening process. These documents include:

• Mahila Samman Savings Certificate account opening form: This form is necessary to initiate the account-opening process
• KYC documents: Submission of Aadhaar and PAN card is mandatory to comply with KYC norms
• KYC form for the new account holder: A separate KYC form may be required to gather additional information about the new account holder
• Pay-in slip: This document is essential for making deposits into the Mahila Samman Savings Certificate account

Opening of Mahila Samman Savings Certificate at post office

• Download the ‘Application for purchasing the certificate’ from the Indian Post website or visit the nearest Post Office branch to obtain the form
• Complete the form by providing the Post Office address in the ‘To The Postmaster’ section
• Fill in your name and specify the account as 'Mahila Samman Savings Certificate’
• Provide details like account type, payment, and personal information
• Complete the declaration and nomination details
• Submit the form along with the required documents
• Make the deposit in the post office using cash or cheque
• Receive the certificate, serving as proof of investment in the Mahila Samman Savings Certificate scheme

Opening of Mahila Samman Savings Certificate at banks

• Complete the application form with necessary details
• Fill in declaration and nomination details as required
• Submit the form along with necessary documents at the bank's branch office
• Make the deposit for opening the scheme with bank officials
• Receive the certificate, serving as proof of your investment in the Mahila Samman Savings Certificate scheme

Mahila Samman Savings Certificate vs Bajaj Finance Fixed Deposit

Conclusion

Mahila Samman Savings Certificate is a valuable government initiative promoting financial independence for women. It offers a secure and flexible investment option with guaranteed returns. The scheme's features, like nomination facilities and multiple accounts, cater to various financial needs. Opening an account is easy, whether at post offices or banks, making it accessible for eligible individuals.