Mahila Samman Savings Certificate Scheme last date: The Mahila Samman Savings Certificate Scheme (MSSC), started in March 2023, is a women-focused financial initiative offering competitive interest rates. This scheme was launched with an aim to enhance financial inclusion and independence for women and minor girls.
According to Union Minister of State for Finance Pankaj Chaudhary’s statement in Rajya Sabha on December 3, 2024, the scheme has attracted 43,30,121 account holders as of October 10, 2024.
As of now, the Mahila Samman Savings Certificate scheme is open for women and girl investors till March 31, 2025. That is the last date till which a new account under the Mahila Samman Savings Certificate scheme can be opened.
Mahila Samman Savings Certificate Scheme: Top Points
- Eligibility: Women can open accounts independently, whilst guardians may establish accounts for minor girls.
- Minimum & Maxiumum Deposit: The deposit requirements specify a minimum of Rs 1,000/- and a maximum of Rs 2 lakhs, with a fixed two-year tenure.
- MSSC Interest Rate: Account holders receive a 7.5% annual interest rate, calculated quarterly with compound interest credited to the account. Upon maturity of the Mahila Samman Savings Certificate, which occurs two years after opening, the depositor receives both the principal and interest amounts.
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Mahila Samman Savings Certificate Scheme: How to open MSSC account
To start a Mahila Samman Savings Certificate account, individuals must visit their nearest post office with the required documentation, including the account opening form, KYC documents (Aadhaar and PAN card), KYC form for new account holders, and a Pay-in-Slip with the deposit amount or cheque.
The Department of Economic Affairs, Ministry of Finance, issued an e-gazette notification on June 27, 2023, enabling select Public Sector Banks and eligible Private Sector Banks to implement the Mahila Samman Savings Certificate, 2023.
The authorised banks for opening Mahila Samman Savings Certificate accounts are limited to specific institutions, including Bank of Baroda, Canara Bank, Bank of India, PNB and Union Bank of India, according to an ET report.
Mahila Samman Savings Certificate: Early Withdrawal Provisions
The scheme permits early withdrawals under specific circumstances:
According to the India Post website, pre-mature closure rules,
(i) On the death of the account holder
(ii) On extreme compassionate ground (a) Life threatening disease of account holder (b) death of the guardian on production of relevant documents.
(iii) After six months of account opening without mentioning any reason.
Note:-Scheme interest less by 2% will be paid e.g. 5.5%.
Note:-Scheme interest will be paid on principal amount.
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Early closure of a Mahila Samman Savings Certificate account is permitted in specific circumstances, such as the account holder’s death. Additional situations warranting premature closure include cases of compassion, such as the account holder’s critical illness or the guardian’s death, where maintaining the account causes significant difficulty. In such instances of early closure, the standard interest rate of 7.5% applies.
