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What is Mahila Samman Savings Certificate?

Mahila Samman Saving Certificate (MSSC), a new small savings scheme launched in the Budget 2023 to promote investments among women. MSSC is a single-holder account that can be opened at any Post Office or registered bank. Mahila Samman savings scheme is a one-time scheme that is available for a tenure of 2 years. 

Scheme NameMahila Samman Saving Certificate
Interest Rates7.50% p.a.
Minimum Investment AmountRs. 1000/-
Maximum Investment AmountRs. 2.00,000/-
Investment Tenure2 year
Partial Withdrawal40% of the Corpus

Features of Mahila Samman Savings Certificate

The following are the features of the Post Office Mahila Samman Savings Certificate (MSSC):

  • Guaranteed Returns: The scheme is backed by the Government of India, and thus the returns are guaranteed. 
  • Interest Rate: 7.50% p.a.
  • Eligibility: Only women are eligible to invest in the scheme.
  • Minimum Investment Amount: INR 1,000, and in multiples of INR 100 thereafter. 
  • Maximum Investment Amount: INR 2,00,000
  • Number of Accounts: A woman or guardian of a minor girl child can open a second account with a minimum gap of three months. 
  • Tenure: 2 years. The interest will be paid upon maturity of the scheme. 
  • Partial Withdrawals: Available. Depositors can withdraw up to 40% of the corpus amount after 1 year from the date of account opening. 
  • Premature Closure: The account cannot be prematurely closed. However, under certain conditions premature closure facility is available. 

Documents Required for Mahila Samman Savings Account

The following are the documents required to open MSSC scheme in post office:

  • MSSC account opening form.
  • KYC Documents – Address Proof (Aadhaar Card, Voter’s ID or Driver’s license) and Pan Card. 
  • KYC form for first-time investors
  • Pay-in slip

List of Banks Offering Mahila Samman Savings Certificate

All public sector banks and ICICI Bank, Axis Bank, HDFC Bank Ltd. and IDBI Bank are authorized to offer Mahila Samman Savings Certificate, 2023. Following is the list of public sector banks in India:

  • State Bank of India
  • Punjab National Bank
  • Bank of Baroda
  • Canara Bank
  • Union Bank of India
  • Bank of India
  • Indian Bank
  • Central Bank of India
  • Indian Overseas Bank
  • UCO Bank
  • Bank of Maharashtra
  • Punjab & Sindh Bank

Who Can Open Mahila Samman Savings Account?

Mahila Samman Savings account is a small savings scheme only for women. Thus the account can be opened by a woman for herself or by the guardian on behalf of a minor girl. The account must be opened on or before 31st March, 2025

How to Open Mahila Samman Savings Certificate at Banks

Following are the steps to open Mahila Samman Savings Certificate at banks:

  • Download the ‘Mahila Samman Savings Certificate Application’ from the bank’s official website or visit the nearest branch office.
  • Duly fill in all the information in the application form.
  • Provide all the details for declaration and nomination.
  • Submit the application form along with the necessary documents at the nearest bank branch.
  • Provide the investment amount.
  • Upon processing the application you will receive the certificate, confirming your investment in the Mahila Samman Savings Certificate scheme.

How to Open a Mahila Samman Savings Certificate in Post Office?

To open the Post Office Mahila Scheme, you can follow these steps: 

  1. Obtain the Application form either by downloading it from the official Indian Post website or visiting the nearest Post Office branch. 
  2. Complete the ‘To The Postmaster’ section of the form by filling out the Post Office address.
  3. Provide all the necessary information, and indicate the account as ‘Mahila Samman Savings Certificate’ 
  4. Complete the declaration and nomination details section. 
  5. Submit the completed form along with any required documentation. 
  6. Deposit the necessary funds in the Post Office by either cash or cheque. 
  7. Obtain the certificate as proof of your investment in the Mahila Samman Savings Certificate scheme.

Compare Mahila Samman Savings Certificate Vs Post Office Schemes

SchemesEligibilityInterest RateTenureDeposit LimitTax Benefit
Mahila Samman Savings Certificate (MSSC)Women, Girl Child7.50% p.a.2 YearsMinimum – INR 1,000Maximum – INR 2 lakhNo tax benefit
Post Office Time DepositAny Indian Citizen7.50%2 YearsMinimum – INR 1,000Maximum – No LimitNo tax benefit
Public Provident Fund (PPF)Any Indian Citizen7.10% p.a.15 YearsMinimum – INR 500Maximum – INR 1.5 lakhExempt-Exempt-Exempt (EEE) category under Section 80C
National Savings Certificate (NSC)Any Indian Citizen7.70% p.a.5 YearsMinimum – INR 1,000Maximum – No LimitDeduction under Section 80C
Senior Citizen Savings Scheme (SCSS)Senior Citizens8.20% p.a.5 YearsMinimum – INR 1,000Maximum – INR 30 lakhDeduction under Section 80C
Sukanya Samriddhi Yojana (SSY)Girl Child below the age of 10 years8.00% p.a.21 YearsMinimum – INR 250Maximum – INR 1.5 lakhExempt-Exempt-Exempt (EEE) category under Section 80C

Frequently Asked Questions

What is the interest rate of the Mahila Samman Savings Patra?

The interest rate on Mahila Samman savings scheme is 7.50% p.a.

Is Mahila Samman Saving Certificate tax-free?

No. There is no tax benefit for investing in Mahila Samman Savings Scheme.

What is the benefit of the Mahila Samman Saving Certificate?

By making a one-time deposit, women can receive an interest rate of 7.50% p.a. at the end of two years. This interest rate on MSSC is higher than what many banks offer for their fixed deposit schemes for the same period.

What is the savings scheme launched by the post office in 2023 exclusively for women?

The government of India launched a post office scheme for women in 2023 called Mahila Samman Savings Certificate.

What is the maximum deposit limit for mahila samman savings certificate?

The maximum deposit limit for mahila samman savings certificate is INR 2 lakhs.