Mahila Samman Savings Certificate(MSSC)

Mahila Samman Savings Certificate(MSSC): The “Mahila Samman Savings Certificate” scheme was launched by the Department of Economic Affairs, Ministry of Finance, aiming to provide financial security to girls and women all over India. An e-gazette notification issued on June 27, 2023, permitted Public Sector Banks and eligible Private Sector Banks to implement this scheme. This step was taken to increase accessibility to the scheme for girls and women. As a result, the scheme is now available for subscription in Post Offices and eligible Scheduled Banks. It has been operational since April 1, 2023, under the Department of Post and will continue until March 31, 2025, for a two-year period.

The main features of the scheme are as follows:

• The Mahila Samman Savings Certificate (MSSC) offers appealing and secure investment opportunities exclusively for girls and women.
• Individuals can initiate an account within this scheme until March 31, 2025, spanning two years.
• Deposits made within the MSSC scheme accumulate interest at a rate of 7.5% annually, compounded quarterly.
• A minimum deposit of ₹1,000 is required, with multiples of ₹100 accepted, up to a maximum limit of ₹2,00,000.
• The maturity period for investments in this scheme extends to two years from the account opening date.
• The MSSC scheme ensures flexibility, permitting partial withdrawals throughout the tenure.
• Account holders may withdraw a maximum of 40% of the eligible balance within their scheme account.

Benefits

• The scheme is designed to provide attractive and secure investment options for girls and women.
• It offers a fixed interest rate of 7.5%, compounded quarterly, making it appealing to investors.
• Investors can invest and withdraw funds partially according to their needs.
• The maximum investment limit under the scheme is ₹2,00,000.
• The scheme has a tenure of two years, during which the interest is compounded quarterly and credited to the account.
• If the account or deposit doesn’t meet the scheme’s requirements, the interest rate will be adjusted to match that of a Post Office Savings Account.

Note: If an account or deposit does not comply with the provisions of this scheme, the interest payable to the account holder will be at the rate applicable to the Post Office Savings Account.

Eligibility

1. Applicants must be Indian citizens.
2. This scheme is exclusively for women and girls.
3. Any individual woman can apply for the scheme.
4. Guardians can also open minor accounts.
5. There’s no upper age limit, so women of all ages can benefit from this scheme.

Deposits:

• An individual can open multiple accounts, but there must be a three-month gap between each account.
• A minimum deposit of ₹1000 is required, with subsequent deposits not allowed.
• The maximum deposit limit is ₹2,00,000 per account holder.

Payment on Maturity:

• Deposits mature after two years from the deposit date, and the eligible balance is paid to the account holder.
• Fractions of a rupee are rounded off to the nearest rupee, with amounts of fifty paise or more considered as one rupee.

Withdrawal from Account:

• Account holders can withdraw up to 40% of the eligible balance after one year from the account opening but before maturity.
• Guardians can apply for withdrawals on behalf of minor account holders.
• Withdrawals are rounded off to the nearest rupee, with amounts of fifty paise or more considered as one rupee.

How to Apply Mahila Samman Savings Certificate (MSSC)?

1. Visit the nearest Post Office Branch or designated bank.
2. Obtain the application form either from the branch or download it from the official website at .
3. Fill in the application form and attach all necessary documents.
4. Complete the declaration and nomination sections.
5. Submit the application form along with the initial investment amount.
6. Receive the certificate confirming participation in the ‘Mahila Samman Savings Certificate scheme.
   Note: Women must apply for the account themselves, or guardians can apply on behalf of minor girls by March 31, 2025.

Premature closure of account:

1. The account can only be closed prematurely under certain circumstances:

• If the account holder passes away.
• In extreme cases of compassion, such as severe illness or the death of the guardian, causing significant hardship to the account holder. In such situations, the post office or bank may permit premature closure after proper documentation and recording reasons in writing.

1. If the account is closed prematurely, the interest on the principal amount will be paid at the applicable rate for the specific scheme.
2. Premature closure of the account is allowed after six months from the opening date for reasons other than those mentioned above. In such cases, the balance in the account will earn interest at a rate 2% lower than the specified scheme rate.
3. When calculating the maturity value, any fraction of a rupee will be rounded off to the nearest rupee. Amounts of fifty paisa or more will be considered as one rupee, while anything less than fifty paisa will be disregarded.

Documents Required to open Mahila Samman Savings Certificate(MSSC)

1. Passport size photo
2. Birth Certificate as proof of age
3. Aadhaar Card
4. PAN Card
5. Pay-in-Slip or cheque with deposit amount
6. For identification and address proof, you can submit any of the following:
   a. Passport
   b. Driver’s License
   c. Voter ID card
   d. NREGA job card signed by a State Government officer
   e. Letter from the National Population Register containing name and address details

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Frequently Asked Question’s (FAQ)