Mahila Samman Saving Certificate Scheme is a new and small 2 years saving scheme for women and girls. Mahila Samman Saving Certificate Scheme is also known as MSSC Scheme. The Union Finance Minister, Smt. Nirmala Sitharaman announced the Mahila Samman Saving Certificate Scheme in her budget speech 2023-24.
The Mahila Samman Saving Certificate Scheme will be available for 2 years from April 2023-March 2025. In this scheme maximum of Rs. 2,00,000 can be deposited for 2 years in the name of women and girls. The MSSC Scheme will provide a fixed interest rate for 2 years.
Mahila Samman Saving Certificate Scheme Overview
| Scheme Name | Mahila Samman Saving Certificate Scheme (MSSC Scheme) |
| Scheme Type | Government Scheme |
| Beneficiaries | Women and Girls |
| Interest Rate | 7.5 % Per Annum |
| Tenure | 2 Years |
| Duration | April 2023-March 2025 |
Objectives of the Mahila Samman Saving Certificate Scheme
The objectives of the Mahila Samman Saving Certificate Scheme are as follows:
- The main objective of the MSSC Scheme is to make women and girls financially strong.
- To provide a high rate of interest on the deposited or invested amount.
- To encourage women and girls for saving money for the future prospective.
Eligibility Criteria for Mahila Samman Saving Certificate Scheme
The eligibility criteria for Mahila Samman Saving Certificate Scheme are kept simple. There are the following eligibility criteria:
- The beneficiary or applicant should be an Indian.
- The beneficiary or applicant should be a woman or a girl.
The complete eligibility criteria are yet to be announced by the government. We will update later in this article once announced.
Features of the Mahila Samman Saving Certificate Scheme
There are the following features of the Mahila Samman Saving Certificate Scheme:
Government Supported Scheme
Mahila Samman Saving Certificate Scheme is supported by the government of India hence it is a safe and credit risk free scheme.
Female Oriented Scheme
Mahila Samman Saving Certificate Scheme is a female oriented scheme. This scheme is available only to women and girls.
High Interest Rate
The main feature of the Mahila Samman Saving Certificate Scheme is that it offers a high rate of interest on the amount deposited. This scheme offers a fixed interest rate of 7.5% which is higher than most bank fixed deposits.
Deposit Limit
The maximum deposit limit under the Mahila Samman Saving Certificate Scheme is Rs. 2,00,000.
Tenure
Mahila Samman Saving Certificate Scheme is basically a one-time scheme for 2 years. This scheme will be available for 2 years tenure i.e. April 2023-March 2025.
Premature Withdrawal
Mahila Samman Saving Certificate Scheme allows premature withdrawal. In an emergency condition, the beneficiary can withdraw some money before its maturity.
Tax Benefits
The beneficiary of the Mahila Samman Saving Certificate Scheme can avail of the tax benefits under Section 80C of the Income Tax Act 1961.
Documents Required for Mahila Samman Saving Certificate Scheme
There are the below documents will be required for opening an account under MSSC Scheme:
- Identity Proof
- Address Proof
- Photograph
- Mobile Number
How can Open a Mahila Samman Saving Certificate Scheme
Women and Girls can invest the amount under this scheme in Banks and Post Offices from 01 April 2023. Below are the steps to invest in Mahila Samman Saving Certificate Scheme (MSSC Scheme):
- Visit the nearest Bank or Post Office which is authorized to offer this scheme.
- Get the Mahila Samman Saving Certificate Application Form from the Bank or Post Office.
- Fill in all the required details in the Application Form such as Personal, Financial, Nomination, etc.
- Attach the required documents with the Application Form such as Identity Proof, Address Proof, Photograph, etc.
- Choose the amount which you want to deposit. Deposit the amount through cash or cheque.
- Get the certificate that serves as proof of investment in the Mahila Samman Saving Certificate Scheme.
Calculation of Mahila Samman Saving Certificate Scheme
See the below table for an understanding of the calculation of the Mahila Samman Saving Certificate Scheme:
| Tenure | Principle Amount (Rs.) | Interest Rate (%) | Interest Earned (Rs.) | Total Amount (Rs.) |
| 1st Year (April 2023-March 2024) | 2,00,000 | 7.5% | 15,000 | 2,15,000 |
| 2nd Year (April 2024-March 2025) | 2,15,000 | 7.5% | 16,125 | 2,31,125 |
Thus if you invest/deposit Rs. 2,00,000 on 01 April 2023 then after the completion of 2 years you will receive Rs. 2,31,125 amount with interest.
Conclusion
In conclusion, we can say that the Mahila Samman Saving Certificate Scheme is a very good small saving scheme for women and girls. This scheme offers a high rate of interest as compared to other banks’ fixed deposits for a period of 2 years. This scheme will definitely encourage women and girls to save money for the future. Since this is a government backed scheme hence the scheme is risk-free also.
Frequently Asked Questions (FAQs)
Q: Who can get the benefits of the Mahila Samman Saving Certificate Scheme (MSSC Scheme)?
Ans: Only Women and Girls can get the benefits of the Mahila Samman Saving Certificate Scheme.
Q: What is the short name of the Mahila Samman Saving Certificate Scheme?
Ans: The short name of the Mahila Samman Saving Certificate Scheme is MSSC Scheme.
Q: What is the tenure of the Mahila Samman Saving Certificate Scheme?
Ans: The tenure of the Mahila Samman Saving Certificate Scheme is for two years i.e. April 2023 to March 2025.
Q: What is the per annum interest rate of the Mahila Samman Saving Certificate Scheme?
Ans: The per annum interest rate of the Mahila Samman Saving Certificate Scheme is 7.5%.
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