Mahila Samman Savings Certificate Scheme Offers 7.5% Return, View Key Details

Mahila Samman Savings Certificate (MSSC) is an important initiative taken by the central government for the economic empowerment of women and girls. The scheme, introduced in the Union Budget for the financial year 2023-24, allows women to open MSSC accounts, which offer an attractive interest rate of 7.5% per annum. The account requires a minimum deposit of Rs 1,000, with a two-year limit of Rs 2 lakh. Investors can earn quarterly compound interest.

This move provides investors with the flexibility to make adaptive investments and partial withdrawals in times of emergencies or urgent financial needs. The account can be opened at any post office or branch of all participating banks by providing a copy of PAN card, Aadhaar card and a check for the deposit amount. The program is scheduled to last until March 2025. The MSSC program has a maturity period of 2 years and is open only to women of all ages.

To ensure wide accessibility, the Department of Economic Affairs, Ministry of Finance, has authorized all public sector banks and four private sector banks to implement and operate the scheme. The scheme was notified on June 27, 2023 and will be available at all 1.59 lakh post offices across the country. Notably, the MSSC scheme allows for partial withdrawals and early account closure in emergency situations. Account holders can request early closure of the account six months after opening, subject to a 2% penalty.

The Mahila Samman Savings Certificate Program aims to revolutionize financial inclusion for women and girls in India. By encouraging savings and financial planning, the program aims to empower women to take control of their finances and invest in their career development. The focus on financial inclusion and women’s empowerment is consistent with the broader goals of promoting gender equality and economic independence.

Through the MSSC, the government aims to narrow the gender gap in financial decision-making and promote women’s active participation in the country’s economic development.