Mahila Samman Savings Certificate Scheme Gives 7.5% Return, Check Key Details

The Mahila Samman Savings Certificate (MSSC) stands as an important initiative by the central Government towards economically empowering women and girls. Introduced in the Union Budget for FY 2023-24, this scheme allows women to open an MSSC account, which offers an attractive interest rate of 7.5 per cent per annum. The account requires a minimum deposit of Rs 1000, and the upper limit is Rs 2 lakhs for two years. The investors can earn quarterly compounding interest.

This initiative extends flexibility to investors, allowing them to make adaptable investments and partial withdrawals in case emergencies or urgent financial requirements. The account can be opened at any post office or a branch of all participating banks by providing a copy of the PAN card, Aadhaar card, and a cheque for the deposit amount. The scheme is scheduled to continue until March 2025. The maturity period for MSSC scheme is 2 years and it’s open only to women from all age groups.

To ensure widespread accessibility, the Department of Economic Affairs, Ministry of Finance, has authorised all Public Sector Banks and four Private Sector Banks to implement and operate the scheme. The scheme was notified on June 27, 2023, making it available in all 1.59 lakh post offices across the country. Notably, the MSSC scheme allows for partial withdrawals and premature closure of accounts in case of emergencies. Account holders can request premature closure after six months of opening the account, with a 2 per cent penalty.

The Mahila Samman Savings Certificate Scheme has been designed to revolutionise financial inclusion for women and girls in India. By encouraging savings and financial planning, the scheme seeks to empower women to take control of their finances and invest in their career growth. The focus on financial inclusion and women’s empowerment aligns with broader goals of promoting gender equality and economic independence.

Through MSSC, the government aims to bridge the gender gap in financial decision-making and foster active participation of women in the country’s economic development.