Mahila Samman Savings Certificate offers 7.5% interest: Available till March 31, 43 lakh accounts opened, check features before you invest

The Mahila Samman Savings Certificate Scheme (MSSC) was launched in March 2023 exclusively for women and minor girls to promote financial independence by allowing attractive interest rates and to help achieve objectives of financial inclusion set by the government.

In a written response to a question in Rajya Sabha on December 3, 2024, Union Minister of State for Finance Shri Pankaj Chaudhary said that 43,30,121 accounts have been opened under the scheme as of October 10, 2024.

5 banks offering Mahila Samman Savings Certificate, post office scheme earning 7.5% interest rate


What is the last date to open an account under Mahila Samman Savings Certificate scheme?
A woman can open an account under MSSC herself, or it can also be opened by the guardian on behalf of a minor girl, on or before March 31, 2025.

Features of Mahila Samman Savings Certificate Scheme

Minimum and maximum deposit
The account may be opened with a minimum deposit of Rs 1000/- and maximum deposit of Rs 2 lakhs for a tenure of two years only.

Mahila Samman Savings Certificate interest rate

The interest rate for MSSC is 7.5% per annum which is compounded quarterly and credited to the account.

Mahila Samman Savings Certificate partial withdrawal
The facility of partial withdrawal and premature closure of Mahila Samman Savings Certificate account is available in the following cases:
According to the India Post website, pre-mature closure rules,
“(i) On the death of the account holder
(ii) On extreme compassionate ground (a) Life threatening decease of account holder (b) death of the guardian on production of relevant documents.
(iii) After six months of account opening without mentioning any reason.
Note:-Scheme interest less by 2% will be paid e.g. 5.5%.
Note:-Scheme interest will be paid on principal amount.”

Mahila Samman Savings Certificate maturity
After two years from the date of opening, principal and interest amount will be paid to the depositor.

Mahila Samman Savings Certificate Scheme: How to open account

Individuals can submit account opening form, KYC Document (Aadhaar and PAN card) , KYC form for new account holder, Pay-in-Slip along with deposit amount/cheque at nearest post office.

Through an e-gazette announcement published on June 27, 2023, the Department of Economic Affairs, Ministry of Finance, authorised all Public Sector Banks and qualified Private Sector Banks to adopt and operationalize the Mahila Samman Savings Certificate, 2023.

Note that not all banks can open Mahila Samman Savings Certificate account, permitted banks include Bank of Baroda, Canara Bank, Bank of India, PNB and Union Bank of India.

Premature closure of Mahila Samman Savings Certificate account

A Mahila Samman Savings Certificate account can be closed prematurely in the event of the account holder's death. Premature closure is also possible in exceptional cases of compassion, such as the account holder's life-threatening sickness or the death of the guardian, if the operation or continuance of the account causes the account holder undue hardship. In the case of an early closure due to the aforementioned circumstances, interest at the scheme's usual rate of 7.5% will be offered.