Mahila Samman Savings Certificate
Mahila Samman Savings Certificate – MSSC is a savings scheme designed by the Indian government and started in the year 2023 for Women’s and girl children’s welfare and provides them financial independence. This scheme has a short-term duration of 2 years.
Key features of Scheme:
Tenure:
- The time duration for Mahila Samman Savings Certificate is 2 Years.
- Whereas, this is a short-term saving scheme that provides a secured investment.
- Moreover, the interest shall be paid at the time of maturity.
Interest Rate:
- The interest rate is 7.5%. The interest rate for MSSC is higher than that of other savings accounts.
- Moreover, the interest is calculated on a quarterly basis but interest will be returned at the time of maturity.
Investment Amount:
- Minimum investment Rs.1,000.
- The maximum investment is up to Rs.2 Lakhs.
Eligible People:
- Women and girl children are eligible to invest in the MSSC. Also, this scheme helps the women to get the financial independence and save for their future.
- However, Minor girl children with the help of the guardian.
Method of deposit:
- One-time investment at the start of the MSSC account.
- Moreover, this is an advance deposit saving scheme
Nomination facility:
- A nomination facility is available.
- During the death of the account holder, the nominee will get the invested amount.
Premature Closure:
- After 6 months MSSC Account can be closed. Thus, the interest is reduced by 2% i.e. 5.5%
- On the death of the MSSC account holder.
- Also, due to any exceptional and emergency cases.
Tax:
- Thus, the interest earned is taxable.
Withdrawal:
- 40% of the deposit can be withdrawn after 1 Year of opening the MSSC account
List of Banks with MSSC:
- State Bank of India – SBI
- Punjab National Bank – PNB
- Bank of Baroda
- Indian Bank
- Canara Bank
- Bank of India
- Central Bank of India
- Union Bank of India
Documents required for MSSC:
- Identity proof: Aadhar Card, Voter Card, Driving License, Passport, PAN Card.
- Address proof: Aadhar Card, EB bill, Passport.
- Passport size Photograph.
- Deposit amount and Cheques with Pay-in-slip
How to apply for MSSC?
Post Office Mode:
- Visit the Post office and get the MSSC form from the officials.
- Firstly, Fill the postal address in the “to the postmaster” field.
- Also, fill out your name and enter “Mahila Samman Savings Scheme” in the scheme type section.
- Moreover, fill in the declaration and nominee details
- Submit the form with the required documents.
- Further, Pay the Deposit amount.
- Finally, get the “Mahila Samman Saving Certificate” as acknowledgment from the post office.
Bank mode:
- Visit the nearest bank and get the form for the Mahila Samman Saving Certificate Scheme.
- Fill out all the required details.
- Also, fill in the declaration and nominee details.
- Furthermore, Submit the form with the required documents.
- Pay the Deposit amount.
- Finally, get the “Mahila Samman Saving Certificate” as acknowledgment from the bank.
Mahila Samman Savings Certificate Scheme Benefits:
- Specially for Women: MSSC is designed especially for women to give them financial independence.
- High Interest Rate: The interest rate is 7.5% which is higher than the other schemes.
- Risk protection investment: The MSSC is a government-aided scheme that is safe and fixed.
- Premature Closure: Allows premature closure at the time of need or emergency.
Mahila Samman Savings Certificate (MSSC) scheme is provided for women and girl children to give them financial independence and security through their investment for their future needs.
