Mahila Samman Saving Certificate (MSSC) – Explained

What is Mahila Samman Saving Certificate?

Mahila Samman Saving Certificate has been notified by Central Government’s Ministry of Finance as a new Government Savings Scheme. This scheme has been introduced via Gazette under G.S.R.237(E) on 31st March 2023. It is a one-time special deposit scheme which is available for a duration of 2 years.

Mahila Samman Savings Certificate	Details
Minimum Investment	₹1000/-
Maximum Investment	₹2,00,000/-
Interest Rate	7.5%
Investment Duration	2 years
Partial Withdrawal	40% of corpus after 1 year

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Key features of Mahila Samman Saving Certificate

Following are the key features of Mahila Samman Savings Certificate:

• Eligibility Criteria – This scheme is applicable only for Women or by guardian of a minor girl.
• Guaranteed Returns – This is a government backed scheme thereby giving Guaranteed returns.
• Interest Rate – 7.5% per annum – compounded quarterly (Effective interest rate – 7.71%)
• Minimum Investment Amount – ₹1,000 (and in multiple of ₹100 thereafter)
• Maximum Investment Amount – ₹2,00,000 (can be under multiple accounts)
• Duration – 2 Years
• Premature Closure – Allowed under certain conditions
• Partial Withdrawal – Allowed after 1 year of account opening up to a maximum of 40% of the corpus amount.

Who can open Mahila Samman Saving Account?

Mahila Samman Savings Account can be opened either by a woman for herself or by the guardian on behalf of a minor girl. An application for opening an account needs to be made to Account Office in Form – I (link given below), on or before the 31st March, 2025.

Any account opened under this scheme can only be a single holder type Account.

Interest applicable on Mahila Samman Saving Account

The deposits made under Mahila Samman Savings Account shall bear interest at the rate of 7.5% per annum. Interest shall be compounded on quarterly basis and credited to the account. The interest payable to the account holder in respect of any account opened or deposit made which is not in consonance with the provisions of this Scheme shall be payable at the rate applicable to the Post Office Savings Account.

Deposit Amount	Maturity Amount
₹50,000	₹58,111
₹1,00,000	₹1,16,022
₹1,50,000	₹1,74,033
₹2,00,000	₹2,32,044

Deposits in the Mahila Samman Saving Account

An individual can open any number of accounts subject to the maximum limit of ₹2,00,000 (two lakh rupees).

Also, a time gap of three months needs to be maintained between the existing account and the opening of other account.

A minimum amount of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account and no subsequent deposit shall be allowed in that account.

Maturity of Mahila Samman Saving Certificate Scheme

The deposit shall mature on completion of two years from the date of the deposit and the Eligible Balance may be paid to the account holder on an application in Form-2 submitted to the accounts office on maturity. Wile calculating the maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.

Partial Withdrawal under Mahila Samman Saving Certificate

Amount invested under Mahila Samman Saving Certificate can be withdrawn after the expiry of one year from the date of opening of the account up to a maximum of 40%. In case of an account opened on behalf of a minor girl, the guardian may apply for the withdrawal for the benefit of the minor girl by submitting the certificate to the accounts office.

Premature Closure of Mahila Samman Saving Account

Mahila Samman Saving Account shall not be closed before maturity except in the case of death of account holder or

where the post office or the Bank concerned is satisfied, in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, that the operation or continuation of the account is causing undue hardship to the account holder, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the account.

In case of premature closure of account Interest on principal amount shall be payable at the rate applicable to the Scheme for which the account has been held.

Now, you can also calculate the Penalty applicable on premature closure of Mahila Samman Savings Scheme using MSSC Penalty Calculator.

How to Open Mahila Samman Saving Certificate

Follow the steps below to open Mahila Samman Saving Scheme Account:

• Download the account opening application form India Post website or visit your nearby Post Office branch.
• Fill in all the details as required in the form.
• Attach 2 documents for KYC – one for Proof of Identification and other for Address proof
• Submit the completed application form to your nearest India Post Office branch.
• Deposit the investment amount by cash or by cheque.
• Receive your certificate copy as an acknowledgement of your investment in the Mahila Samman Savings Certificate scheme.

Comparison of Mahila Samman Saving Certificate with Post Office Fixed Deposit

Scheme Name	Interest Rate	Duration	Maximum Investment	Tax Benefit
Mahila Samman Savings Certificate (MSSC)	7.5% p.a. Compounded Quarterly and Payable at Maturity	2 Years	₹2,00,000	None
Post Office Fixed Deposit (POFD)	6.9% p.a. Calculated Quarterly and Payable Annually	2 Years	No Limit	None
Sukanya Samriddhi Yojana (SSY)	8% p.a. Compounded Yearly	21 Years	₹1,50,000	Exempt-Exempt-Exempt under Section 80C Old Tax Regime
National Savings Certificate	7.7% p.a. Compounded Annually and Payable at Maturity	5 Years	No Limit	Deductions under Section 80C Old Tax Regime

Mahila Samman Saving Certificate Calculator

I have created the Mahila Samman Savings calculator which you can use to calculate the maturity value of your investments. You can access the same by clicking here.

YouTube Video

Mahila Samman Savings scheme has been explained in depth via the below YouTube video.

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