Mahila Samman Savings Certificate (MSSC) Scheme:
The Centre is unlikely to extend the Mahila Samman Savings Certificate scheme that was made available for two years beyond its March 2025 deadline, according to official sources.
- Mahila Samman Savings Certificate (MSSC) Scheme is a one-time scheme announced in Budget 2023 and will remain available for a two-year period, i.e., up to March 2025.
- It is a risk-free scheme dedicated towards women and girls of all age groups.
- The scheme offers a maximum deposit facility of up to Rs 2 lakh in the name of women or girls for a tenure of 2 years.
- It will encourage more women to adopt formal financial saving instruments.
- Eligibility: Any individual women .
- The minor account can also be opened by the guardian.
- The deposit amount under this scheme is limited.
- A minimum of Rs. 1000 and any sum in multiples of one hundred rupees may be deposited in an account subject to a maximum of Rs. 2 lakhs.
- It offers a fixed interest rate of 7.5 percent. Interest shall be compounded every quarter and credited to the account.
- The Maturity period/Lock-in period of the scheme is 2 years from the date of opening of the account.
- However, the account holder can withdraw up to 40% of the account balance after one year from the account opening date as a partial withdrawal.
- There is a provision for multiple account opening under this scheme with a condition that a woman can open a second MSSC account after a minimum gap of three months from the opening of the existing account.
- However, the total deposit, including all the accounts, should not exceed Rs 2 lakh.
- There are no tax benefits.
