Mahila Samman Savings Certificate (MSSC) Features, Interest Rate
Mahila Samman Savings Certificate scheme has been introduced in order to commemorate the 'Azadi ka Amrit Mahotsav'.
- It is a small savings scheme for women and girls
- Is a one-time scheme available for 2 years i.e. from April 2023 to March 2025
- It is available from 01/04/2023 in all the Post Offices across India
Features
- Government-Backed Scheme
- It is a single-holder account
- It is a one-time small savings scheme that is available for a 2-year period from April 2023 to March 2025
- Fixed interest rate
- Only women and girls can apply
- No TDS will be made
- Maximum limit of deposit in the account is Rs.2 lakhs
- Helps women build a secure capital through its lucrative returns
- Maturity period of the scheme is 2 years
- Premature closure is allowed
- Facility for partial withdrawal is available
- There is a provision of multiple account opening
Eligibility Criteria: Who can Open Mahila Samman Savings Certificate Scheme Account?
This savings scheme account can be opened only,
- By a woman for herself
- Guardian can open an account on behalf of a minor girl
Documents Required
To open an account, applicants need to submit,
- Duly filled up Application Form
- Deposit slip along with deposit amount (in cash or cheque)
- KYC documents: Aadhaar card, Voter ID, driving license and PAN card
- KYC form (for new account holders)
For minor account, KYC details of the guardian need to be submitted.
Deposit Amount
There are minimum and maximum limit to deposit the amount under the scheme is set by the government. A maximum of Rs.2 lakhs can be deposited by the account holder in any one account or all account held by her.
| Details | Amount |
|---|---|
| Minimum Deposit | Rs.1000 |
| Subsequent Deposit | in multiple of Rs.100 |
| Maximum Deposit | Rs.2 lakhs |
Existing account holders of Mahila Samman Savings Certificate Scheme Account can open a second Mahila Samman Savings Certificate account after a gap of atleast 3 months from the opening of the first account.
Interest Rate
The considerable interest rate applicable on a Mahila Samman Savings Certificate Scheme Account is listed in the below table. These interest rates are for the period effective from 01.01.2024.
| Details | Interest Rate |
|---|---|
| Rate of Interest | 7.50% per annum |
- Interest under the scheme is compounded quarterly
- This interest is credited in account itself
- This compounded interest will be locked-in for the entire tenure of the scheme and will be paid at the time of closure of account
It is to note that the account opened/deposit made in violation of the guidelines will be given the interest of PO Savings Account only.
Partial Withdrawal
Partial withdrawal of 40% of the eligible balance can be taken after 1 year from the date of account opening.
Pre-mature Closure
The account holder is allowed to close the account prematurely but she is eligible for doing so only after 6 months from account opening date. However, she can prematurely close the account before 6 months as well on any extreme compassionate ground as mentioned in the table below,
| Reason of Pre-mature Closure | Interest Rate |
|---|---|
| On the death of the account holder | Scheme interest rate 7.50% will be paid on principal amount |
| Life threatening decease to account holder | Scheme interest rate 7.50% will be paid on principal amount |
| Death of the guardian, subject to production of relevant documents | Scheme interest rate 7.50% will be paid on principal amount |
| After 6 months of account opening without mentioning any reason | Scheme interest minus 2% will be paid i.e. 5.50% |
Maturity
After 2 years from the date of opening of the account. The eligible balance will be paid to the depositor.
The account holder will receive the eligible maturity amount by submitting an application in Form-2 to the accounts office on maturity.
Mahila Samman Saving Scheme Calculator
One can calculate the maturity amount of the Mahila Samman Savings Scheme through manual calculation. Following formula for the calculation needs to be used for this purpose:
Maturity Value = Principal Amount * (1 + Interest Rate/ Compounded interest frequency*100) ^ Compounded interest frequency*Tenure
Suppose you want to calculate your return on investment of an amount of Rs.2,00,000 for the scheme's interest rate of 7.5% p.a. and tenure of 2 years with quarterly compounded interest frequency.
Input
- Investment amount: Rs.2,00,000
- Interest rate: 7.5% p.a.
- Tenure: 2 years
Calculation Part
- Maturity Value = Principal Amount * (1 + Interest Rate/100) ^ Tenure
- Maturity Value = 200000 * (1 + 7.50/100) ^ 2
Maturity amount = 232044
Interest earned = Maturity amount – Investment amount
Output
- Maturity amount: Rs.2,32,044
- Interest earned: Rs.32,044
How to Open Mahila Samman Savings Certificate at Post Office?
- Download the 'Application for Purchasing the Certificate' from the post office's website
- Alternatively, you may go to any of Post Office branches and ask for the account opening form
- Mention the Post Office address under the 'To The Postmaster' section
- Mention the account is being opened as 'Mahila Samman Savings Certificate'
- Write down your name in the given space
- Fill out all the details correctly such as the account type, payment and your personal details.
- Fill out the declaration and nomination details.
- Submit the application form, the deposit amount and the required documents to the concerned official. Make the deposit in the Post Office through cash or cheque
- After successful submission, you will be given the certificate to acknowledge your investment in the Mahila Samman Savings Certificate scheme
- Bank of Baroda
- Canara Bank
- Bank of India
- Punjab National Bank
- Union Bank of India
- Central Bank of India
- Download the 'Application for Mahila Samman Saving Certificate' from the qualified bank's official website
- Alternatively, you may go to the bank to obtain the account opening form
- Fill out all the details correctly such as the account type, payment and your personal details.
- Fill out the declaration and nomination details.
- Submit the application form, the deposit amount and the required documents to the bank's official. Make the deposit in the bank either through cash or cheque
- After successful submission, you will be given the certificate to acknowledge your investment in the Mahila Samman Savings Certificate scheme
Banks Offering Mahila Samman Savings Certificate
Mahila Samman Savings Certificate program was first made accessible only through post offices (Department of Post). According to an e-gazette announcement on 27 June 2023, now, all public sector banks together with ICICI Bank, Axis Bank, HDFC Bank Ltd and IDBI Bank have been authorised to operate the Mahila Samman Savings Certificate, 2023 from June 27, 2023 onwards.
Given below is the list of authorized banks that offer Mahila Samman Savings Certificate account.