Mahila Samman Saving Certificate

The Mahila Samman Savings Certificate (MSSC) is a small savings scheme designed exclusively for women in India. The scheme was launched on April 1, 2023, as a part of observing Azadi Ka Amrit Mahotsav, which is a celebration of India’s 75th year of Independence. The initiative was announced during the Union Budget in February 2023 and was opened by the Union Minister, Smriti Irani.

Tenure, deposit limits, and interest rate

Women can open an MSSC account for a tenure of two years and deposit up to 2 lakh rupees. The interest rate on the scheme is 7.5% per annum, which is higher than other small savings schemes. Interest is calculated quarterly and credited to the account.

Withdrawal provision

The account holder gets the provision to withdraw 40% of the amount deposited in the account one year after the opening of the account. This feature of the scheme provides flexibility to the account holder to use the funds as per their requirement.

Minimum and maximum deposit limits

The minimum amount to be deposited is 1000 rupees, while the maximum is 2 lakhs rupees. However, an individual may open an unlimited number of accounts, subject to the maximum deposit limit, and a three-month period must elapse between the one account and the opening of another.

Empowering women financially

The Mahila Samman Savings Certificate aims to encourage women to avail the benefits of interest on their savings and empower them financially. The scheme is backed by the Union Government, and thus, there is no credit risk involved. Women can also open a second savings account under this scheme, but only after three months of the opening of the first account.




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