Empowering Women: The Mahila Samman Savings Certificate (MSSC)
The Mahila Samman Savings Certificate (MSSC), also known as Mahila Samman Bachat Patra Yojna (MSBP), is a pioneering small savings scheme launched by the Government of India, specifically designed to encourage savings and financial independence among women and girls. Available through Post Offices and authorized banks, this scheme offers an attractive fixed interest rate for a short tenure, making it an excellent option for secure, short-term investment.
Salient Features of the MSSC Scheme:
- Exclusive for Women & Girls: An account can be opened by a woman for herself, or by a guardian on behalf of a minor girl child.
- Attractive Interest Rate: The scheme offers a fixed interest rate of 7.5% per annum, which is compounded quarterly, leading to better effective returns.
- Fixed Tenure: MSSC comes with a fixed tenure of 2 years from the date of account opening.
- Investment Limits:
- Minimum deposit: ₹1,000.
- Maximum deposit: ₹2,00,000.
- Deposits must be in multiples of ₹100.
- Multiple Accounts: An individual can open multiple MSSC accounts, subject to the overall maximum deposit limit of ₹2 lakhs and a mandatory time gap of three months between the opening of an existing account and a new one.
- Single Deposit: MSSC is a one-time deposit scheme. Subsequent deposits in the same account are not permitted.
- Partial Withdrawal: A unique feature allowing flexibility, account holders can withdraw up to 40% of the eligible balance once, after the expiry of one year from the account opening date.
- Premature Closure:
- Allowed on the death of the account holder or in cases of extreme compassionate grounds (e.g., life-threatening disease of the account holder, death of the guardian) with full applicable interest.
- Permitted for any other reason after six months from opening, but with a reduced interest rate (2% less than the scheme's rate, i.e., 5.5%).
- Availability: This special scheme is available for a limited period – accounts can be opened up to March 31, 2025.
The Mahila Samman Savings Certificate is a significant step towards empowering women financially, providing them with a secure and rewarding avenue to grow their savings. Its simplicity, attractive returns, and partial withdrawal facility make it a compelling choice. Utilize our calculator to estimate your earnings with MSSC.