Mahila Samman Savings Certificate 2025

What is Mahila Samman Savings Certificate?

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.

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Features and Benefits of Mahila Samman Savings Certificate  

Mahila Samman Savings Certificate

The features and benefits offered under the Mahila Samman Savings Certificate are as follows: 

  1. Only a girl child or woman can apply for the Mahila Samman Savings Certificate. 
  2. You can deposit a maximum amount of Rs.2 lakh under this scheme. The minimum deposit limit has not been announced yet.  
  3. When compared to bank fixed deposits (FDs) and other small savings schemes, the Mahila Samman Savings Certificate offers a higher interest rate of 7.5%.  
  4. A tenure of 24 months will be offered, starting from April 2023 to March 2025.  
  1. While savings schemes are generally eligible for Section 80C tax benefits, this scheme’s taxing structure has not yet been determined. 
  2. The Mahila Samman Savings Certificate scheme allows you to make partial withdrawals.

Interest Rate of Mahila Samman Savings Certificate 

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. 

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Premature Closure of Mahila Samman Savings Certificate 

The Mahila Samman Savings Certificate account can only be closed before two years in the given situations: 

  1. If you want to close the account before six months of the account opening without providing any reason, you will be getting the interest of 5.5% p.a. 
  2. In case of the death of the account holder. 
  3. In case of an extreme cases like 
  1. Account holder is suffering from any life threatening disease. 
  2. Death of the guardian after submitting the required documents. In such a case, the interest will be calculated on the principal amount. 

Documents Required to Open a Mahila Samman Savings Certificate Account 

You need to submit the following documents to open a Mahila Samman Savings Certificate account: 

  1. Application form 
  2. Know Your Customer documents like Permanent Account Number (PAN) card, driving license, voters ID, and Aadhar card 
  3. KYC form for the new account holders 
  1. Pay slip 

Mahila Samman Savings Certificate Vs Other Small Savings Schemes 

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

PPF Vs Mahila Samman Savings Certificate 

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 

NSC Vs Mahila Samman Savings Certificate 

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 

SCSS Vs Mahila Samman Savings Certificate 

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 

SSY Vs Mahila Samman Savings Certificate 

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 

Process to Open Mahila Samman Savings Certificate 

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.  

FAQs on Mahila Samman Savings Certificate

  • What is the Mahila Samman Savings Certificate scheme?

    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.

  • What is the interest rate offered on the Mahila Samman Savings Certificate scheme?

    An interest of 7.5% is offered on the Mahila Samman Savings Certificate scheme.  

  • Is there a maximum deposit limit under the Mahila Samman Savings Certificate scheme?

    Yes, the maximum deposit limit under the Mahila Samman Savings Certificate scheme is Rs.2 lakh.  

  • How can I open a Mahila Samman Savings Certificate scheme?

    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.  

  • Will the Mahila Samman Savings Certificate scheme be tax-free?

    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. 

  • Can I withdraw my Mahila Samman Savings Certificate before it matures?

    Yes, partial withdrawals are allowed under the Mahila Samman Savings Certificate scheme.

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