Mahila Samman Savings Certificate

Introduction

The “Mahila Samman Savings Certificate” (MSSC) scheme has been established by the Department of Economic Affairs under the Ministry of Finance. This initiative aims to ensure financial stability for women and girls across India, promoting savings and investment opportunities that cater specifically to their needs.

About the Mahila Samman Savings Certificate

Launched on June 27, 2023, via an e-gazette notification, this scheme allows Public Sector Banks and select Private Sector Banks to facilitate its implementation. The MSSC is designed to boost accessibility for women and girls, with subscriptions available at Post Offices and eligible Scheduled Banks. The scheme commenced on April 1, 2023, and will remain active until March 31, 2025.

Key Features of the Scheme

• Offers attractive and secure investment options tailored for women and girls.
• Accounts can be established until March 31, 2025, with a tenure of two years.
• Deposits earn interest at a rate of 7.5% per annum, compounded quarterly.
• Minimum deposit of ₹1,000, with additional deposits allowed in multiples of ₹100, up to a maximum of ₹2,00,000.
• Maturity of the investment occurs two years post account opening.
• Allows partial withdrawals of up to 40% of the eligible balance during the account’s tenure.

Benefits

• Secure investment options specifically designed for women and girls.
• Attractive fixed interest rate of 7.5%, compounded quarterly.
• Flexible investment and withdrawal terms available, with a maximum deposit limit of ₹2,00,000.
• Interest is compounded quarterly and credited to the account holder’s balance.

Note: Interest for any accounts or deposits not compliant with this scheme will be calculated at the applicable Post Office Savings Account rate.

Eligibility Criteria

• Applicants must be Indian citizens.
• The scheme is exclusively for women and girl children.
• Any individual woman is eligible to open an account under this scheme.
• Guardian may open accounts for minor girls.
• There is no upper age limit; women of all ages can participate.

Note: Accounts established under this scheme will be single-holder accounts.

Deposit Guidelines

• Individuals may have multiple accounts, provided each account adheres to the maximum deposit limit and that a three-month gap is maintained between opening new accounts.
• A minimum deposit of ₹1,000 is required, with subsequent deposits in multiples of ₹100, but no further deposits are allowed after the initial one.
• The cumulative maximum deposit limit is ₹2,00,000 across all accounts held by the account holder.

Maturity Payment

Deposits will mature two years after the initial investment, at which point the eligible balance can be claimed by the account holder. For rounding purposes, any fractional amount will be rounded to the nearest rupee, with amounts of fifty paisa or more considered as one rupee.

Account Withdrawal

• Account holders can withdraw a maximum of 40% of the eligible balance after the first year, provided the account is not yet matured.
• For accounts opened on behalf of minors, guardians may request withdrawals for the benefit of the girl by submitting the required documentation.
• Similar to maturity calculations, withdrawal amounts will also be rounded to the nearest rupee.

Application Process

How to Apply Offline

1. Visit the nearest Post Office or designated bank branch.
2. Obtain the application form or download it from the official website.
3. Complete the application form and attach all necessary documents.
4. Provide the required declaration and nomination details.
5. Submit the completed application form along with the initial deposit.
6. Receive a certificate confirming your investment in the “Mahila Samman Savings Certificate” scheme.

Note: Applications to open an account must be submitted by women for themselves or by guardians for minor girls before March 31, 2025.

Premature Account Closure

• Accounts cannot be closed before maturity except under certain conditions, such as the account holder’s death or extreme compassionate grounds where continued account operation causes undue hardship.
• In cases of premature closure, interest will be paid at the applicable scheme rate for the duration the account was held.