• The Union Minister for Women and Child Development and Minority Affairs opened a Mahila Samman Savings Certificate (MSSC) account.

About Mahila Samman Savings Certificate Scheme

  • It is a new small savings scheme launched specifically for female investors and was announced in Budget 2023 to promote investment among women.
  • Accounts opened under this scheme will be single-holder accounts that can be opened at the Post Office or any registered bank.
  • The two-year tenure scheme offers an attractive interest rate of 7.5 per cent compounded quarterly.
  • The scheme is valid for a two-year period upto 31stMarch 2025.
  • A woman for herself or a guardian on behalf of a minor girl can open a Mahila Samman account.
  • A time gap of three months shall be maintained between the existing account and the opening of other account.
  • The minimum investment amount is Rs 1000, and the maximum investment authorised under the plan is Rs 2 lakh.
  • After two years from the date opening eligible balance will be paid to the depositor.
  • The account holder may withdraw up to 40% of the balance after the first year from the date of account opening but before the account matures.
  • Premature closure of account: The account shall not be closed before maturity except in the following cases, namely:
    • On the death of the account holder
    • On extreme compassionate ground
      • Life threatening disease of account holder
      • death of the guardian on production of relevant documents.
    • When an account is closed prematurely, interest on the principal amount is payable at the rate applicable to the Scheme for which the account was held.
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