MSSC: The Narendra Modi administration at the national level introduced a significant savings initiative for women in 2023. This initiative, known as the Mahila Samman Savings Certificate (MSSC), allows any woman in the country to open an account.
Interest rate of 7.5 percent under this scheme
The scheme offers an impressive interest rate of 7.5 percent, which is not available in any other fixed income small savings programs. A one-time deposit is required for this scheme, which matures after two years. The maximum investment allowed is Rs 2 lakh. Women can open an MSSC account at any bank across the country, and it is also possible to establish an account at the nearest post office.
Who are eligible to open a MSSC account?
Men are not eligible to benefit from this scheme directly; however, they can open accounts in the names of their mothers or sisters. For married individuals, significant returns can be achieved by opening an account in the name of their wives under the MSSC. For instance, if Rs 1,00,000 is deposited in the name of a wife, she will receive a total of Rs 1,16,022 upon maturity, which includes a fixed interest of Rs 16,022.
Deadline for investments in this scheme
The Mahila Samman Savings Certificate is a government-backed scheme that guarantees fixed interest. It is important to note that the deadline for investments in this scheme is March 31, 2025. After this date, investments will no longer be accepted. There had been calls to extend the investment deadline; however, during the budget announcement on February 1, 2025, Union Finance Minister Nirmala Sitharaman did not provide any updates regarding the extension. Consequently, the scheme will conclude on March 31, coinciding with the closure of banks and post offices.