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.
Vijay Tendulkar: Indian Playwright
Learn about Vijay Tendulkar, one of the greatest Marathi playwrights of India. Know his major plays like Ghashiram Kotwal and Sakharam Binder.
Vivo Company Belongs to Which Country?
Find out which country the smartphone brand Vivo belongs to. Learn about Vivo's parent company BBK Electronics and its Chinese origin.
What is the Full Form of DC in Washington DC?
Learn the full form of DC in Washington DC (District of Columbia). Find out why it is called DC and why it is not part of any US state.
What does the Odometer of an Automobile Measure?
Learn what an odometer measures in a vehicle (total distance travelled) and how it differs from a speedometer (current speed).
What do Sikhs Commonly Call Diwali?
Learn what Sikhs call the festival of Diwali. Sikhs celebrate it as 'Bandi Chhor Divas' (Day of Liberation) to commemorate Guru Hargobind Singh's release.
Turn this guide into revision flashcards, a practice exam, or an AI-generated podcast — free, no signup required.