Mahila Samman Savings Certificate: Prime Minister Narendra Modi’s government introduced the Mahila Samman Savings Certificate Scheme (MSSC) in 2023 to empower women and promote self-reliance. On December 3, Union Minister of State for Finance, Shri Pankaj Chaudhary, announced in the Rajya Sabha that 43,30,121 accounts had been opened under this scheme as of October 10, 2024. If you wish to take advantage of this government initiative, here’s what you need to know.
Under MSSC, any woman can open her account independently. In the case of a minor girl, a family member or guardian can open an account on her behalf. The last date to apply for this scheme is March 31, 2025.
Special Features of the Scheme
- Minimum and Maximum Deposit: The minimum amount required to open an account under the scheme is ₹1,000, and the maximum is ₹2 lakh. The scheme’s duration is two years.
- Interest Rate: The scheme offers an annual return of 7.5%, with interest credited to the account every three months.
How to Withdraw Money
You can also withdraw your money after 6 months of opening the account. Before this, money can be withdrawn from the account in case of the death of the account holder or citing any emergency. Usually, after completion of two years, the entire money is credited to the account along with interest.
Easy Account Opening Process
Opening an account for MSSC is also very easy. For this, you will have to go to the post office or bank and fill out the form for opening an account and submit documents like an Aadhaar, or PAN card. The thing to keep in mind is that you cannot open an account in every bank for the scheme. For this, the selected banks include Bank of Baroda, Canara Bank, Bank of India, PAB and Union Bank of India.
How to open a Mahila Samman Savings Certificate (MSSC) account online
- Eligibility: Ensure you are a woman or a guardian opening for a minor girl.
- Visit Website: Go to the official India Post or participating bank website (e.g., Bank of Baroda, Union Bank of India).
- Register: Fill in your details and upload your Aadhaar and PAN card for verification.
- Complete Application: Provide the required information, select the investment amount (₹1,000 to ₹2 lakh), and submit the form.
- KYC Process: Upload necessary documents like Aadhaar, PAN, and proof of address.
- Payment: Make the payment via net banking or debit/credit card.
- Confirmation: Receive account details and acknowledgement once the account is activated.
- Track: Monitor your account and interest online.