From a minor girl to an adult female, every woman in India can save up money at a fixed rate of 7.5% from 1 April 2023 to 31 March 2025 under the Mahila Samman Savings Certificate Scheme (MSSC). To know more details of the scheme, read here.
Whether for yourself or playing the guardian’s role in opening an account for a minor female, there are a few things you need to be mindful of:
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Deposits
You can invest a minimum deposit of ₹1000 or more in this scheme. But there’s a catch. Once you’ve made a deposit and your account is functional, you cannot deposit more into the same account. To invest more in this scheme, you must open a new account. But you can do that only after three months since you opened your last MSSC account. You can open multiple accounts with the nearest post office or eligible banks, provided you’re not breaking the threshold limit of ₹2,00,000 (INR Two Lakhs). Do not forget to nominate your near and dear ones should something happens to you.
Partial Withdrawal
You can partially withdraw up to 40% of the balance only after completing one continuous year in the scheme.
Returns
The scheme isn’t linked to the market, so your investment returns are guaranteed at the end of the term.
Charges
The Post office will charge ₹40 for receipt in physical mode, ₹9 for e-mode and ₹6.5paise per ₹100 turnover.
Closure & Premature Closure
The MSSC can be closed only six months from the account’s opening. The customer may request account closure with a 2% penalty or at their discretion. The appropriate interest rate will then be 5.5%. Under unavoidable circumstances like the account holder’s death, major disease or sickness of the guardian, etc., the usual interest of 7.5% shall be offered. Relevant documents are a must, though.
