Mahila Samman Savings Certificate 2023 notification: The Government on Friday (March 31, 2023) notified Mahila Samman Savings Certificate 2023, which will allow women and girls to invest up to Rs 2 lakh for a period of 2 years and earn a fixed interest of 7.5%. Here’s all you need to know about the scheme:
According to the notification, an application for opening an account under the MSSC scheme can be made by a woman for herself or by the guardian on behalf of a minor girl.
MSSC Deposit limit
Any number of MSSC accounts can be opened by a woman, or in the name of a minor girl by the guardian, subject to the maximum limit of Rs 2 lakh.
Also Read: SSY account interest hiked to 8%
The minimum amount required for opening an MSSC account is Rs 1000 and thereafter in multiples of Rs 100. The maximum deposit limit is Rs 2 lakh.
MSSC Interest Rate
The Government has notified 7.5% interest on deposits in an MSSC account. The interest will be compounded on a quarterly basis and credited to the account.
MSSC Maturity and Payment
The notification said that 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.
Also Read: Senior Citizen Savings Scheme rate increased to 8.2%!
Forms under MSSC scheme
- Account Opening: Form 1
- Maturity payment: Form 2
- Withdrawal: Form 3
MSSC Partial Withdrawal
An MSSC accountholder will be allowed to withdraw a maximum up to 40% of the eligible balance once after the expiry of one year from the date of opening of the account but before the maturity of the account. The notification further said that 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 following certificate to the accounts office, namely:-
“Certified that the amount sought to be withdrawn is required for the use and welfare of Miss/Kumari……………………………. who is a minor girl and is alive on this……the day of…………..(month),……….(year).”.
Where to open MSSC account
You can open the MSSC account in Post Office and authorised banks.
Also Read: SCSS deposit limit doubles
Last date for opening MSSC account
The last date for opening MSSC account is 31st march 2025.