 "Mahila Samman Savings Certificates: All you need to know about the scheme")
In her budget speech for the Financial year 2023-24, Union Finance Minister Nirmala Sitharaman announced a new small-savings schemes, especially for women called Mahila Samman Savings Certificate (MSSC). It came into effect from April 1, 2023.
What is Mahila Samman Savings Certificate?
This is a one-time scheme available for a tenure of 2 years. Women can apply for the scheme on or before March 31, 2025.
Applications may also be submitted for minor girls. The facility is available in all Post Offices and registered banks. The scheme is valid for investments only upto March 2025. It should be noted that these account will be single holder type account.
The scheme allows a partial withdrawl facility of up to 40 per cent of the deposited amount.
Minimum and maximum limit
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There are no upper limits to the number of accounts. However, there is a cap on the maximum deposit limit. Additionally, there should be a gap of at least three months between opening of any two accounts.
The scheme allows a deposit of a minimum of Rs 1,000 and above in the multiples of Rs 100 upto a maximum limit of Rs 200,000, after which no additional deposits are allowed.
Interest on MSSC deposits
The interest rate on deposits made under this program is 7.5 per cent per year. The interest is calculated on a quarterly basis and credited to the benificiary account. The interest payable to the account holder on any account opened in violation of the scheme rules will be calculated at the rates available in the Post Office Savings Account.
Documents required for the MSSC account
- MSSC acccount opening form
- KYC documents - Address proof (Aadahaar Card, Voter's ID or Driver's license) and Pan Card
- KYC form for first-time investors