Mahila Samman Savings certificate

• Finance Ministry has permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalize Mahila Samman Savings Certificate (MSSC, 2023.)

ABOUT MSSC

• MSSC is a one-time savings scheme introduced in Budget 2023-24 to encourage women to invest.
• It is available for two years, from April 2023-March 2025.
• It offers a fixed interest rate of 7.5% per year and has a flexible investment and partial withdrawal options, with a maximum limit of Rs 2 lakh.
• Maturity date is two years from deposit date.
• Minimum amount to be invested is Rs.1,000 and any sum in multiples of Rs.100.
• It does not have any credit risk since it is backed by govt.
• The Mahila Samman Savings Certificate can be done only in the name of a girl child or woman.
• A woman or the guardian of a minor girl child can open a Mahila Samman Saving Certificate scheme.
• A woman or guardian of a girl child can open a second Mahila Samman Savings Certificate account after a minimum gap of three months from the opening of the existing account.
• The account holder can withdraw up to 40% of the account balance after one year from the account opening date.