During the Uinion Budget presentation for FY 2023-24 on February 1, 2023, Finance Minister Nirmala Sitharaman unveiled alterations to the income tax slabs under the new tax regime, alongside significant amendments to existing savings schemes. Additionally, she introduced a new initiative tailored for women, known as the Mahila Samman Saving Certificate Scheme (MSSC).
Also Read: Don’t Settle For Low Rates! Discover 10 High-Interest Govt Savings Schemes, Check Benefits Here
What Is Mahila Samman Saving Certificate?
Mahila Samman Saving Certificate is a one-time new small savings scheme of the government of India announced in the Union Budget 2023.
The MSSC is a low-risk investment option with attractive returns specifically designed for women.
Mahila Samman Savings Certificate is available for two years up to March 2025. This will offer a deposit facility up to Rs 2 lakh in the name of women or girls for a tenure of 2 years.
Eligibility:
- Any resident Indian woman, regardless of age, is eligible.
- An account can be established for a minor girl by her natural or legal guardian.
Type of Account:
- Only individual accounts are permitted.
- An account opened for a minor girl will be managed by the natural or legal guardian until she reaches adulthood.
Deposit Limits:
- The minimum deposit is Rs. 1000/- and the maximum is Rs. 200,000/-.
- Deposits must be made in multiples of Rs. 100/-.
- Only one deposit is allowed per account.
- There is no limit on the number of accounts per depositor, as long as the total amount across all accounts under this scheme does not exceed Rs 200,000/-.
- A time interval of 3 months must be observed between opening two accounts under this scheme for the same customer.
Mahila Samman Saving Certificate Interest Rate
The scheme offers an annual interest rate of 7.5%. Interest will be compounded quarterly and deposited into the account. Eligible interest will be disbursed upon closure, pre-closure, or partial withdrawal of the account.
Mahila Samman Saving Certificate Last Date
The scheme is available for a limited period only. As of now, the Mahila Samman Savings Certificate is a two-year scheme that commenced in April 2023 and will continue till March 2025.
Partial Withdrawal:
- After one year from the date of deposit, up to forty percent (40%) of the eligible balance can be withdrawn.
- This partial withdrawal option is accessible only once before maturity.
Early Closure:
Early closure is permissible in the following circumstances:
- Upon the demise of the account holder.
- Provision of medical assistance for a life-threatening illness affecting the account holder.
- Death of the guardian leading to significant difficulty in operating or maintaining the account.
For these specified cases of early closure, interest on the principal amount will be paid at the designated rate for the scheme.
In instances other than those mentioned above, early closure may be permitted anytime after six months from the account opening date.
In such premature closure scenarios, interest will be paid at a rate 2% lower than the designated rate for the scheme.
How To Apply For Mahila Samman Saving Certificate Scheme?
The Mahila Samman Saving Certificate Scheme has been rolled out through banks and post offices across the country.
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