The Mahila Samman Savings Certificate Scheme (MSSC) is a small savings scheme of the Government of India introduced by Finance Minister Smt Nirmala Sitharaman in the union budget 2022-2023 to celebrate Azadi ka Amrit Mahotsav. Exclusively for women and girls in India, it requires a minimum deposit of ₹ 1,000 and a maximum deposit of up to ₹2 lakhs.
Where can you Open an MSCC Account?
The scheme came into effect on 1 April 2023. While any female above 18 can invest in the plan, a guardian (male or female) can open the account on behalf of a minor girl. The scheme is valid from 1 April 2023 to 31 March 2025 with a fixed interest rate of 7.5%, compounded quarterly. You can easily enrol in the scheme in a post office, public sector bank, or a qualified private bank.
The MSSC can be closed only after six months from the day of account opening, and the customer may request account closure with a 2% penalty at their discretion. The appropriate interest rate will then be 5.5%. You can also opt for a partial withdrawal of up to 40% of the balance only after the completion of 1 continuous year.
Steps to Open an MSSC Account
With the Post Office
Those wishing to open an MSSC account with the post office must submit an account opening form along with KYC documents like the Aadhar Card, PAN Card and pay in slip, and deposit the amount in cash or cheque at the nearest post office.
With a Bank
Collect an account opening form from one of the eligible banks, or you could also download and print the form from the bank’s website. Fill up and submit the form with KYC documents like Aahdar Card and PAN Card along with Pay in slip and deposit the amount in cash or cheque with your preferred bank.
It is always advisable to read and understand the terms and conditions in detail before enrolling or applying for a new investment.
