The Mahila Samman Savings Certificate (MSSC) is a government savings scheme launched in Budget 2023–24 for women and girls. It offers an interest rate of 7.5% per annum (compounded quarterly) on deposits up to ₹2 lakh for a tenure of 2 years. It is available at post offices across India. A partial withdrawal facility is available after 6 months.
Mahila Samman Savings Certificate: 7.5% p.a. interest (compounded quarterly).
Maximum deposit: ₹2 lakh; minimum: ₹1,000; tenure: 2 years.
Available at India Post offices and select public sector banks.
Announced in Union Budget 2023–24 by Finance Minister Nirmala Sitharaman.
Partial withdrawal (up to 40%) allowed after 6 months.
Account opening window: 1 April 2023 to 31 March 2025.
Key Features: • Interest rate: 7.5% per annum (compounded quarterly) • Maximum deposit: ₹2,00,000 (₹2 lakh) per account • Minimum deposit: ₹1,000 • Tenure: 2 years • Partial withdrawal: Up to 40% of balance after 6 months • Available at: Post offices (India Post) and select public sector banks
Eligibility: • Any woman or girl in India • For minor girls: account opened by guardian • For women: can open own account • Both resident Indian women/girls are eligible • Non-resident Indians (NRIs): not eligible
Interest Calculation: • Rate: 7.5% p.a. compounded quarterly • Maturity amount for ₹2 lakh: approx. ₹2,32,044 after 2 years
Comparison with Other Small Savings:
| Scheme | Interest Rate | Tenure | For |
|---|---|---|---|
| MSSC | 7.5% | 2 years | Women/Girls |
| PPF | 7.1% | 15 years | All |
| NSC | 7.7% | 5 years | All |
| KVP | 7.5% | ~115 months | All |
| Sukanya Samriddhi | 8.2% | 21 years | Girls (0–10 yrs) |
Key Conditions: • Account can be opened from 1 April 2023 to 31 March 2025 • Only one account per woman allowed initially • Premature closure allowed after 6 months (at reduced interest rate of 5.5%)
Announced In: • Union Budget 2023–24 by Finance Minister Nirmala Sitharaman • Part of the government's initiative to promote financial inclusion for women • Named in honour of Azadi Ka Amrit Mahotsav (75 years of Indian independence)
Mahila Samman Savings Certificate (MSSC) is a government savings scheme for women and girls announced in Budget 2023–24. It offers 7.5% per annum interest (compounded quarterly) on deposits up to ₹2 lakh for 2 years. Available at post offices. Partial withdrawal (40%) is allowed after 6 months. It was introduced to promote women's financial savings during Azadi Ka Amrit Mahotsav.
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