CrackitToday App

Mahila Samman Savings Certificate (MSSC)

Mahila Samman Savings Certificate (MSSC):

The Union Minister for Women and Child Development and Minority Affairs opened a Mahila Samman Savings Certificate (MSSC) account recently.

  • Mahila Samman Savings Certificate Scheme was announced in the 2023-24 Union Budget to commemorate ‘Azadi Ka Amrit Mahotsav’.
  • It is a one-time savings scheme for women.
  • Objective is to empower women by increasing their participation in investments.
  • It is a significant step towards financial inclusion and empowerment of women including girls.
  • The two-year tenure scheme offers an attractive interest rate of 7.5 per cent compounded quarterly
  • It will have flexible investment and partial withdrawal options with a maximum ceiling of Rs two lakh.
  • The scheme is valid for a two-year period up to 31st March 2025.
  • The scheme has been made available in all 1.59 lakh post offices from April 01, 2023.
  • One can start investing in this scheme with a minimum amount of Rs. 1,000 or any other amount in multiples of Rs. 100.
  • Under this scheme, one can open multiple accounts, but the maximum total investment should be Rs 2 lakh only.
  • And each account opened should have a three-month gap between the opening date of the existing account and the new account.
  • The scheme is exclusively available to women.
  • Any woman above 18 years of age can invest in this scheme by herself.
  • In the case of minors, the guardian can open the account on behalf of the girl.