The Mahila Samman Savings Certificate (MSSC) is a government-backed savings scheme for women and girls in India, offering a 7.5% interest rate and a ₹2 lakh investment limit with a 2-year tenure. Introduced by Union Finance Minister Smt. Nirmala Sitharaman in the 2023-24, it aims to empower women financially. The scheme was launched to celebrate the Azadi ka Amrit Mahotsav.
The features and benefits offered under the Mahila Samman Savings Certificate are as follows:
Mahila Samman Savings Certificate comes with a fixed deposit rate of 7.5% per annum which is comparatively higher than FDs of many banks or any other popular small savings schemes.
The interest amount earned will be paid to the depositors on a quarterly basis at the time of account closure.
The Mahila Samman Savings Certificate account can only be closed before two years in the given situations:
You need to submit the following documents to open a Mahila Samman Savings Certificate account:
Government of India has introduced various savings schemes which act as investment tools for people. Some of the popular savings schemes are National Savings Certificate (NSC),
Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and Senior Citizens Small Savings Scheme (SCSS). Now, we will have a look at comparison of Mahila Samman Savings Certificate with other small savings schemes.
Particulars | Mahila Samman Savings Certificate | PPF |
Eligibility | Girl children and women | Any Indian citizen |
Rate of interest | 7.5% | 7.1% |
Duration | Two years | 15 years |
Premature Withdrawal | Allows 40% withdrawal after a year | Allows partial withdrawal after seven years |
Deposit Limit | Minimum: Rs.1,000Maximum: Rs.2 lakh | Minimum: Rs.500Maximum: Rs.1.5 lakh |
Tax Benefit | As per Section 80C there will be no tax deduction | Exempt – Exempt – Exempt (EEE) category as per Section 80C category |
Particulars | Mahila Samman Savings Certificate | NSC |
Eligibility | Girl children and women | Any individual as well as Non Resident Indians (NRIs) |
Rate of interest | 7.5% | 7.7% |
Duration | Two years | Five years |
Deposit Limit | Minimum: Rs.1,000Maximum: Rs.2 lakh | Minimum: Rs.100Maximum: No Limit |
Premature Withdrawal | Allows 40% withdrawal after a year | Allowed in certain circumstances |
Tax Benefit | No tax deduction under Section 80C | Deduction of up to Rs.1.5 lakh as per Section 80C |
Particulars | Mahila Samman Savings Certificate | SCSS |
Eligibility | Girl children and women | Senior citizen who are above 60 years of age |
Rate of interest | 7.5% | 8.2% |
Duration | Two years | Five years |
Deposit Limit | Minimum: Rs.1,000Maximum: Rs.2 lakh | Minimum: Rs.1,000Maximum: Rs.30 lakh |
Premature Withdrawal | Allows 40% withdrawal after a year | Can be closed at any time |
Tax Benefit | As per Section 80C, there won’t be any tax deduction | Deduction of up to Rs.1.5 lakh under Section 80C |
Particulars | Mahila Samman Savings Certificate | SSY |
Eligibility | Girl children and women | Only in the name of a girl child before she reaches ten years |
Rate of interest | 7.5% | 8.2% |
Duration | Two years | 21 years from account opening or when the girl reaches 18 years of age |
Deposit Limit | Minimum: Rs.1,000Maximum: Rs.2 lakh | Minimum: Rs.250Maximum: Rs.1.5 lakh |
Premature Withdrawal | Allows 40% withdrawal after a year | Allowed under different circumstances |
Tax Benefit | Under Section 80C, there won’t be any tax deduction | Exempt – Exempt – Exempt (EEE) category as per Section 80C category |
From 1 April 2023, women and girls will be able to invest in the Mahila Samman Savings Certificate through state-owned banks.
The following are the steps for investing in this scheme:
Step 1: Obtain the Mahila Samman Bachat Patra Yojana form from your nearest bank/post office that offers this scheme.
Step 2: Complete the application form with the requested details.
Step 3: Submit the application form along with the necessary documentation such as identity proof and address proof.
Step 4: Select the deposit amount you wish to make.
Step 5: Deposit the amount by cheque or in cash.
Step 6: As proof of your investment, a certificate will be issued to you.
The Mahila Samman Savings Certificate scheme was announced by Union Finance Minister Smt. Nirmala Sitharaman during the Budget Speech 2023-24. This one-time small savings scheme will be offered to girls and women for a period of 24 months.
An interest of 7.5% is offered on the Mahila Samman Savings Certificate scheme.
Yes, the maximum deposit limit under the Mahila Samman Savings Certificate scheme is Rs.2 lakh.
To open a Mahila Samman Savings Certificate scheme, you will have to visit the nearest post office or bank that offers this scheme and request a Mahila Samman Bachat Patra Yojana form. You then have to fill out the application form with your details and submit it along with supporting documents.
The finance minister did not make it clear whether or not investments made under the Mahila Samman Savings Certificate scheme will be eligible for an income tax deduction. You will need to wait till an official notification is released clarifying the same.
Yes, partial withdrawals are allowed under the Mahila Samman Savings Certificate scheme.
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