Mahila Samman Saving Certificate (MSSC) Scheme 2023

Mahila Samman Saving Certificate Scheme: The Mahila Samman Savings Certificate is a savings scheme exclusively designed for women investors with the objective of promoting financial inclusion and increasing their participation in investments. Mahila Samman Saving Certificate Scheme is also important for UPSC Prelims Exam 2023 and UPSC Mains Exam (GS Paper 2- Various government schemes and initiatives to promote welfare of various vulnerable sections of the population including Women.)

Mahila Samman Saving Certificate in News

Recently, the Prime Minister has urged women to enrol for Mahila Samman Saving Certificate (MSSC). He also taked about enhancing financial inclusion & providing better returns to women through Mahila Samman Saving Certificate (MSSC) scheme.

Mahila Samman Saving Certificate 2023 scheme

The Mahila Samman Savings Certificate (MSSC) Scheme was introduced in the Union Budget 2023. Mahila Samman Savings Certificate is a one-time savings scheme for women designed to encourage their participation in investments and promote financial empowerment.

• Interest Rate: The Mahila Samman Savings Certificate is a government-backed scheme that offers women a fixed interest rate of 7.5%. This is to be compounded quarterly but payable at maturity.
• Tenure: This scheme is available for a limited investment period of two years, from April 1, 2023, to March 31, 2025, and will not be open for investment thereafter.

Mahila Samman Saving Certificate Scheme Details

The Mahila Samman Savings Certificate is a savings scheme exclusively designed for women investors with the objective of promoting financial inclusion and increasing their participation in investments. Important details of the MSSC Scheme are listed below-

Mahila Samman Savings Certificate Features

Important features of the Mahila Samman Savings Certificate (MSSC) Scheme are discussed below-

Guaranteed return

With the Mahila Samman Savings Certificate being a government-supported scheme, your returns are guaranteed and not affected by market fluctuations, ensuring the safety of your investments.

Deposit limits

The Mahila Samman Savings Certificate allows for a minimum investment amount of Rs. 1,000, with the option of investing in multiples of Rs. 100. However, no additional deposits can be made after the initial investment.

• The maximum investment limit is capped at Rs. 2 lakh, spread across one or multiple accounts.
• While multiple accounts can be opened, the total investment across all accounts cannot exceed Rs. 2 lakh.
• Furthermore, there must be a minimum three-month gap between opening a new account and the existing one.

Maturity

Upon opening an account under this scheme, your investment will be locked in for a duration of two years, and the maturity amount will only be available after this period from the account opening date.

Partial withdrawal

One of the features of the scheme is the option of partial withdrawal, allowing you to withdraw a portion of your balance before maturity. However, this facility is available only after one year from the opening of the account, and the withdrawal amount is limited to 40% of the eligible balance.

Premature closure

While the Mahila Samman Savings Certificate has a maturity period of two years, there are certain conditions under which the account can be closed 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%.

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