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Mahila Samman Saving Certificate Scheme - All You Need to Know

Mahila Samman Saving Certificate offers a secure, accessible 7.5% return investment opportunity. It is a government-backed scheme to provide financial benefits to women.

  • 2,821 Views | Updated on: Jan 24, 2024

Launched in April 2023 to celebrate Azadi ka Amrit Mahotsav, the Mahila Samman Saving Certificate offers a 7.5% interest rate to women and girls for two years. This one-time scheme allows deposits up to ₹2 lakh at post offices.

The Mahila Samman Saving Certificate Scheme (MSSSC) is a one-time government-backed small savings scheme launched in the Union Budget 2023-24 specifically for women and girls. It aims to promote financial inclusion and empower women through financial security.

The Mahila Samman Saving Certificate scheme, previously only available at post offices, is now available at select branches of all public sector banks and qualified private sector banks as of June 27, 2023, following approval from the Department of Economic Affairs, Ministry of Finance.

Features of the MSSC Scheme

Mahila Samman Saving scheme offers unique features for the scheme holders. It allows premature withdrawal of up to 40% of the eligible balance once, after one year, but before maturity. Other features are:

Eligibility: This scheme is open to all women and girls of all ages. A legal guardian can also open an account on behalf of a minor girl child.

Investment Amount: The minimum investment amount is ₹1,000, and the maximum investment amount is ₹2 lakh per account.

Interest rate: The current interest rate offered by the MSS is 7.5% per annum, compounded quarterly.

Maturity period: The maturity period of the MSS is 2 years.

Tax benefits: The interest earned on the MSS is exempt from income tax under Section 80C of the Income Tax Act, 1961.

Investment options: This scheme can be purchased through authorized post offices and commercial banks.

Institutions Offering MSSC Scheme

Several leading banks have announced their participation in the government’s Mahila Samman Saving Certificate (MSSC) scheme, a dedicated initiative for the financial empowerment of women.

  • Bank of Baroda: Both existing customers and non-customers can open an MSSC account, either individually or on behalf of a minor girl, under the guardianship of a female or male.
  • Canara Bank: Canara Bank proudly offers the MSSC scheme across all branches in India, demonstrating its commitment to women’s financial growth.
  • Bank of India: Taking a pioneering role, Bank of India became the first public sector bank to launch the MSSC scheme at all its branches nationwide.
  • Punjab National Bank: PNB has also included the MSSC certificate as an investment option for its customers.
  • Union Bank of India: Union Bank successfully launched the MSSC scheme across its branches pan India on June 30, 2023. They have already mobilized over ₹17.58 crores through 5,653 MSSC accounts, highlighting the scheme’s positive impact.

This collaborative effort by major banks ensures wider accessibility and convenience for women seeking to participate in the MSSC scheme and benefit from its attractive features.

How to Apply for MSSC Scheme at Post Office?

You have to follow these simple steps to apply for the MSSC scheme at your nearest post office:

  • Download the form online at the Indian Post website or visit your nearest branch.
  • Complete the form with your details, including account type, payment method, and nomination (if applicable).
  • Submit the form with the required documents and your deposit (cash or cheque) at the post office.
  • Receive your certificate as investment proof and your ticket to Mahila Samman Saving Certificate benefits.

Way Forward

The Mahila Samman Saving Certificate Scheme is not just a financial instrument; it is a powerful step towards empowering women and girls across India. By offering a safe, accessible, and rewarding platform for building financial security, it empowers women to take control of their economic destiny and contribute meaningfully to society.

As more women invest in their future through the Mahila Samman scheme, the positive impact will spread far and wide. Increased financial security will lead to greater investment in education, healthcare, and entrepreneurship, ultimately contributing to a more vibrant and equitable India.

Key Takeaways

  • Open to all women and girls (even minors), this scheme promotes financial inclusion and security.
  • It is now available at select banks & post offices (since June 2023) for more convenient investment.
  • It offers attractive interest of 7.5%, 2-year maturity, tax-free returns, and flexible deposit options.
  • Guardians can open accounts for minor girls, further promoting financial inclusion within families.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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