How to open Mahila Samman Savings Certificate at post office

Mahila Samman Savings certificate has been in operation since April 1, 2023 through the Department of Post. Mahila Samman Savings Certificate, 2023 scheme was announced in the Union Budget FY 2023-24 by the Central Government to provide financial security to every girl and woman in India.

Mahila Samman Savings Certificate 2023

Under this scheme, a woman may open an account on her own behalf or on behalf of a minor girl child by the guardian. The MSSC offers a higher interest rate of 7.5% p.a., which will be credited to the account on a quarterly basis and compounded. Any amount in multiples of one hundred rupees and a minimum of Rs. 1000 can be used to start an account. An individual may open any number of accounts subject to the maximum limit of Rs.2,00,000/- and a time gap of three months shall be maintained between the existing account and the opening of other account. The scheme is avalalbe for 2 years and will end of March 31, 2025.


How to open Mahila Samman Savings Certificate in Post office
Step 1: visit the Post Office
Step 2: Fill and submit Account Opening Form
Step 3: KYC Document (Aadhaar and PAN card) , KYC form for new account holder.
Step 4: Pay-in-Slip along with deposit amount/cheque at nearest post office.

Nomination
Account holder can nominate any of the family member in the event of death the amount to whom the amount should be paid.

Interest rate
The deposits made under this scheme will fetch interest at the rate of 7.5 per cent per annum. The interest will be compounded quarterly and credited to the account.

Payment on maturity
The deposit matures after two years from the deposit date, and the account holder will receive the eligible balance by submitting an application in Form-2 to the accounts office at that time.

Note that any fraction of a rupee that is used to determine the maturity value must be rounded up to the closest rupee; for this purpose, any quantity that is fifty paisa or more is treated as one rupee, and any amount that is less than fifty paisa is ignored.

Charges
Post office will charge Rs 40 for receipt in physical mode, Rs 9 for e-mode and Rs 6.5paise for per Rs.100 turnover.

Banks offering Mahila Samman Savings certificate
Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank are offering Mahila Samman Savings account for women investors.