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Mahila Samman Saving Certificate (MSSC) Scheme: all you need to know

Mahila Samman Savings Certificate (MSSC) Scheme: is a one-time savings scheme for women announced by the government in Budget 2023.The program seeks to empower women by increasing their investment participation.

Women can profit from a government-backed program that offers a fixed interest rate of 7.5 percent. The investment period for this scheme is just two years, from April 1, 2023, to March 31, 2025. After this time, you are not permitted to invest in this plan.

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Eligibility Criteria

Only women are eligible to participate in the program. Therefore, any woman over the age of 18 can invest on her own in this program. Additionally, if the girl is a minor, the guardian may open the account on her behalf.

Features of the Mahila Samman Savings Certificate Scheme

Deposit limits: With a minimum investment of Rs. 1,000 or any other amount in multiples of Rs. 100, you can begin participating in this scheme. However, following that, no further deposits are permitted. The maximum amount you can deposit into this scheme in a single or multiple accounts is Rs. 2 lakh. You may open multiple accounts for this scheme, but the total investment amount may not exceed Rs 2 lakh. Additionally, there should be a three-month gap between the opening dates of each new account and the previous account for each one that is opened.

Guaranteed return: It is a program that is backed by the government and gives you a guaranteed rate of return. As a result, you don’t need to be concerned about market changes because your returns are secure.

Nomination: Mahila Samman Savings Certificate also comes with the nomination facility. You can add upto 4 nominees per account and also define their individual share in the corpus. A minor can also be added as a nominee; however, you will have to provide details of the guardian. After your unexpected death, your added nominees receive your account’s final corpus in the proportion you have filled in the form.

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Maturity: The scheme comes with a lock-in period of two years. It means you will get your maturity amount after two years from the account-opening date.

Premature closure: The scheme comes with a maturity period of two years, but there are some exceptions in which you can close the account before maturity. These are: 

  • On the death of the account holder
  • On extremely compassionate grounds, such as the account holder’s life-threatening disease, the guardian’s death, etc. For this, you will have to provide the relevant documents. 
  • After six months from the date of account opening without any reason. But in this case, your interest rate will be reduced by 2% and become 5.5%.  

Multiple accounts: Mahila Samman Savings Certificate scheme also allows you to open multiple accounts in your name. But there are some conditions to it: 

  • The maximum investment amount across all accounts can not exceed Rs.2 lakh.
  • .There should be 3 months gap between the existing and new accounts. 

Partial withdrawal: The program also provides a partial withdrawal option so you can take money out of your account before it matures. One year after the account’s opening, the withdrawal is permitted, but only 40% of the eligible balance may be withdrawn.

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Key Features of the Mahila Samman Savings Certificate
EligibilityAny women, including minor
Interest rate7.50%
Minimum investmentRs 1,000
Maximum investmentRs 2 lakh (combined in all accounts)
Maturity period2 years

Documents Required:

If you want to invest in Mahila Samman Savings Certificate, you must fulfil some documentation requirements. Here are some necessary documents that are required while opening an account: 

  • Mahila Samman Savings Certificate account opening form
  • KYC documents (Aadhaar and PAN card)
  • KYC form for the new account holder
  • Pay-in slip
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How to open Mahila Samman Savings Certificate

  • Step 1: visit the Post Office
  • Step 2: Fill and submit Account Opening Form
  • Step 3: KYC Document (Aadhaar and PAN card) , KYC form for new account holder.
  • Step 4: Pay-in-Slip along with deposit amount/cheque at nearest post office.
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