Mahila Samman Savings Certificate (MSSC): This fixed deposit initiative specifically designed for women was launched in April 2023. As the two-year term approaches its conclusion, the deadline for this scheme is imminent, with a potential closure date set for March 31, 2025.
7.50% interest rate, with a potential closure date set for March 31, 2025
Participants in this scheme can benefit from an annual interest rate of 7.50%, compounded quarterly. Various financial institutions, including the Bank of India, State Bank of India, and Bank of Baroda, are providing this opportunity. It is a risk-free investment option for women and girls, ensuring guaranteed returns.
What is the aim of this scheme?
Prospective investors are encouraged to take advantage of this scheme before the deadline. The minimum investment required for the Mahila Samman Savings Certificate Scheme is Rs 1,000, with increments of Rs 100 permitted. The maximum investment limit is set at Rs 2 lakh. Individuals may open multiple accounts within a three-month period, provided the total investment does not exceed Rs 2 lakh.
Who can open a MSSC account and what are the criterias
After one year, account holders are allowed to withdraw up to 40% of their balance by submitting a premature withdrawal form. The scheme also accommodates up to four nominees. Any woman can be benefited from this initiative, and guardians are permitted to open accounts on behalf of minors.
The following documents can be useful to open a MSSC account
To participate, investors must present valid identification and proof of address, along with a passport-sized photograph, PAN card, and Aadhar card. KYC documentation is also necessary.