Mahila Samman Savings Certificate (MSSC): To provide financial security to women and girl children in India, the government launched the Mahila Samman Savings Certificate or MSSC scheme in April 2023. This is a government-guaranteed scheme that allows one-time investment. It was announced in Budget 2023 to increase the participation of women in investments. Here's every detail you need to know about this scheme.
Mahila Samman Saving Certificate - Who is eligible?
As the name suggests, this scheme is only for women and girl children. An individual woman who has Indian citizenship can apply under the scheme. Also, this scheme allows guardians to open the account for minor girls. However, it is to be noted that the account opened under this scheme will be a single-holder type account. Also, there is no upper age limit and therefore women of all ages can benefit from this scheme.
Mahila Samman Saving Certificate - How much women can deposit?
The minimum amount that can be deposited in this scheme is Rs 1,000 and thereafter in multiples of one hundred rupees. The maximum limit has been fixed at Rs 2,00,000.
Mahila Samman Saving Certificate - Maturity Period
The deposit under this scheme will mature on completion of two years from the starting date.
Mahila Samman Saving Certificate - Partial Withdrawals
One of the benefits of this scheme is that it allows partial withdrawals after one year. However, it has been capped at up to 40 per cent of the eligible balance. For instance, if someone has deposited Rs 1 lakh in this scheme, she can withdraw Rs 40,000 after one year.
Mahila Samman Saving Certificate - Premature closure of account
This scheme does not allow the premature closure of the account. But there are certain exceptions.
- Death of the account holder
- On extremely compassionate grounds like in the case of life-threatening disease or the death of a guardian.
- After the completion of six months for any reason. But in this case, the interest rate will be reduced by 2 per cent.
Mahila Samman Saving Certificate - How much will you get on a deposit of Rs 1 lakh
The scheme offers a 7.5 per cent interest compounded quarterly. If someone deposits Rs lakh under this scheme, she will get an amount of Rs 1,16,022.