Mahila Samman Saving Certificate Scheme: The Mahila Samman Savings Certificate is a savings scheme exclusively designed for women investors with the objective of promoting financial inclusion and increasing their participation in investments. Mahila Samman Saving Certificate Scheme is also important for UPSC Prelims Exam 2023 and UPSC Mains Exam (GS Paper 2- Various government schemes and initiatives to promote welfare of various vulnerable sections of the population including Women.)
Recently, the Prime Minister has urged women to enrol for Mahila Samman Saving Certificate (MSSC). He also taked about enhancing financial inclusion & providing better returns to women through Mahila Samman Saving Certificate (MSSC) scheme.
The Mahila Samman Savings Certificate (MSSC) Scheme was introduced in the Union Budget 2023. Mahila Samman Savings Certificate is a one-time savings scheme for women designed to encourage their participation in investments and promote financial empowerment.
The Mahila Samman Savings Certificate is a savings scheme exclusively designed for women investors with the objective of promoting financial inclusion and increasing their participation in investments. Important details of the MSSC Scheme are listed below-
Mahila Samman Savings Certificate Details | |
Eligibility | Any women, including minor |
Interest rate | 7.50% |
Minimum investment | Rs 1,000 |
Maximum investment | Rs 2 lakh (combined in all accounts) |
Maturity period | 2 years |
Important features of the Mahila Samman Savings Certificate (MSSC) Scheme are discussed below-
With the Mahila Samman Savings Certificate being a government-supported scheme, your returns are guaranteed and not affected by market fluctuations, ensuring the safety of your investments.
The Mahila Samman Savings Certificate allows for a minimum investment amount of Rs. 1,000, with the option of investing in multiples of Rs. 100. However, no additional deposits can be made after the initial investment.
Upon opening an account under this scheme, your investment will be locked in for a duration of two years, and the maturity amount will only be available after this period from the account opening date.
One of the features of the scheme is the option of partial withdrawal, allowing you to withdraw a portion of your balance before maturity. However, this facility is available only after one year from the opening of the account, and the withdrawal amount is limited to 40% of the eligible balance.
While the Mahila Samman Savings Certificate has a maturity period of two years, there are certain conditions under which the account can be closed before maturity. These are:
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The Mahila Samman Savings Certificate Scheme is a government-supported savings scheme for women aimed at increasing their participation in investments and promoting financial inclusion.
The scheme offers a fixed interest rate of 7.5% per annum.
The minimum investment amount is Rs. 1,000, and additional investments must be made in multiples of Rs. 100.
The maximum investment limit is Rs. 2 lakh in one or multiple accounts.
The scheme has a lock-in period of two years, after which the maturity amount will be paid.
Yes, partial withdrawal is allowed after one year of account opening, subject to a maximum of 40% of the eligible balance.
Yes, the account under Mahila Samman Savings Certificate Scheme can be closed prematurely under certain circumstances, such as the account holder's death or critical illness.
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