Mahila Samman Savings Certificate Deposit Limit: The Government is not considering any proposal to increase the deposit limit under the recently announced Mahila Samman Saving Certificate (MSSC) scheme.
In Budget 2023, Finance Minister Nirmala Sithraraman announced the decision to launch the MSSC scheme for women and girls with a deposit limit of Rs 2 lakh. The scheme will offer a fixed interest of 7.5% for two years with a partial withdrawal option.
Replying to a query on whether the Government has any proposal to increase the limit of amount to at least Rs 10 lakh under MSSC, Pankaj Chaudhary, Union Minister of State for Finance, said there is no such proposal.
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“No Sir. The Sukanya Samriddhi Account Scheme already exists which was introduced with similar intent and aims at encouraging financial savings for girls,” Chaudhary said on Monday (March 27).
Whether MSSC be available for a two-year period up to March 2025?
Replying to another query on “whether a one-time new small savings scheme, Mahila Samman Savings
Certificate will be made available for a two-year period up to March 2025”, Chaudhary said that the scheme will be available for a period of two years up to March 2025.
“Yes Sir. In the Budget Speech of FY 2023-24, the Mahila Samman Savings Certificate scheme was announced with deposit facility upto ₹2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option,” the minister said.
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He was replying to a query on “whether a one-time new small savings scheme, Mahila Samman Savings Certificate will be made available for a two-year period up to March 2025 which will offer deposit facility upto Rs. 2 lakh in the name of women or girls for a tenure of 2 years at fixed rate of interest 7.5 per cent with partial withdrawal option.”