Mahila Samman Savings Certificate (MSSC) Scheme

About Mahila Samman Savings Certificate (MSSC) Scheme:

• This is a one-time scheme announced in Budget 2023 and will remain available for a two-year period, i.e., up to March 2025.
• It is a risk-free scheme dedicated towards women and girls of all age groups. 
• The scheme offers a maximum deposit facility of up to Rs 2 lakh in the name of women or girls for a tenure of 2 years.
• Benefit: It will encourage more women to adopt formal financial saving instruments.
• Features:

• Eligibility: 

• Any individual women.
• The minor account can also be opened by the guardian.

• Investment: 

• The deposit amount under this scheme is limited. 
• A minimum of Rs. 1000 and any sum in multiples of one hundred rupees may be deposited in an account subject to a maximum of Rs. 2 lakhs.

• Interest Rate: It offers a fixed interest rate of 7.5 percent. Interest shall be compounded every quarter and credited to the account.
• The Maturity period/Lock-in period of the scheme is 2 years from the date of opening of the account. 

• However, the account holder can withdraw up to 40% of the account balance after one year from the account opening date as a partial withdrawal.

• There is a provision for multiple account opening under this scheme with a condition that a woman can open a second MSSC account after a minimum gap of three months from the opening of the existing account. 

• However, the total deposit, including all the accounts, should not exceed Rs 2 lakh.

• There are no tax benefits.