Mahila Samman Saving Certificate Account

In News

• The Union Minister for Women and Child Development and Minority Affairs opened a Mahila Samman Savings Certificate (MSSC) account.

About Mahila Samman Savings Certificate Scheme

• It is a new small savings scheme launched specifically for female investors and was announced in Budget 2023 to promote investment among women. 
  • Accounts opened under this scheme will be single-holder accounts that can be opened at the Post Office or any registered bank.
• Who can open a Mahila Samman Savings account: Any woman can open a Mahila Samman account that can be opened for herself or on behalf of a little girl. 
  • A time gap of three months shall be maintained between the existing account and the opening of other account.
• Limit on minimum and maximum investment: The minimum investment amount is Rs 1000, and the maximum investment authorised under the plan is Rs 2 lakh.
• Interest rate: 7.5% annually
• Payment on maturity:  After two years from the date opening eligible balance will be paid to the depositor.
• Withdrawal from account: The account holder may withdraw up to 40% of the balance after the first year from the date of account opening but before the account matures.
• Premature closure of account: The account shall not be closed before maturity except in the following cases, namely:
  • On the death of the account holder
  • On extreme compassionate ground (i) Life threatening decease of account holder (ii) death of the guardian on production of relevant documents.
  • When an account is closed prematurely, interest on the principal amount is payable at the rate applicable to the Scheme for which the account was held.

Source: PIB