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Mahila Samman Savings Certificate 2023

Mahila Samman Savings Certificate 2023:

Mahila Samman Savings Certificate (MSSC) 2023 has been notified.

  • It is a one-time small savings scheme for women to commemorate celebrations of 75 years of Independence.
  • It will be made available for a two-year period up to March 2025.
  • It will be under the Ministry of Women and Child Development.
  • The small saving certificate will have a fixed interest rate of 7.5% for two years.
  • The deposit can be made in the name of a woman or a girl child.
  • The maximum deposit amount has been kept at ₹2 lakhs and the scheme will have a partial withdrawal facility as well.
  • Application for opening an account under the scheme can be made by a woman for herself or by the guardian on behalf of a minor girl.
  • 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.
  • 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.
  • The notification said that the deposit shall mature on completion of two years from the date of the deposit.
  • The eligible balance may be paid to the account holder on an application in Form-2 submitted to the accounts office on maturity.