Mahila Samman Savings Certificate 2023: Know about interest rate, tenor, eligibility, investment procedure

The Mahila Samman Saving Certificate is the latest entrant in the small savings schemes offered by the Centre. The scheme was announced during the Budget 2023 to commemorate ‘Azadi ka Amrit Mahotsav’ in a bid to encourage women investors and promote financial inclusion among them. On Saturday, the Centre announced that Mahila Samman Savings Certificates 2023 have been made available in 1.59 lakh post offices with immediate effect. 

Here’s a quick look at interest rates and investment details. 

Basic info 

The two-year tenure scheme offers an attractive and fixed interest of 7.5 per cent interest. The scheme has flexible investment and partial withdrawal options with a maximum limit of Rs 2 lakh. 

Interest rates 

The Centre is offering an interest of 7.5 per cent a year. The interest will be compounded quarterly and will be credited to the account. 

Eligibility 

The Centre has specified that an application for opening an account under the MSSC scheme can be made by a woman for herself or by the guardian on behalf of a minor girl. 

Investment limits 

The minimum investment amount is Rs 1,000, and the maximum amount is Rs. 2 lakh per financial year. Additionally, the scheme allows premature withdrawal after one year with some nominal penalty charges. 

Besides, the government has specified that an individual can open any number of accounts subject to the maximum limit for deposit of Rs 2 lakh and a time gap of three months between the existing account and the opening of another account.

Maturity date 

The deposit matures after two years from the deposit date. 

Partial withdrawal 

All account holders can withdraw a maximum of up to 40 per cent of the eligible balance only once after one year from the date of opening of the account.  

If the account is for a minor girl, the guardian can apply for the withdrawal by submitting a specific form to the accounts office 

Forms for MSSC scheme 

There are three important forms given under the scheme. 

Account Opening: This is the first form, which will have details about the depositor 
Maturity payment: Form 2 will include the scheme offerings 
Withdrawal: The last form will give details about the withdrawal. 

How to apply 

> Women can get the Mahila Samman Bachat Patra Yojana form from any local bank or post office in their area  

> One has to fill in the details in the application form, and submit the application form with the required documentation. Here Pan and Aadhaar numbers are a must.  

> The investor has to specify the amount of the deposit in the form. 

> The deposit can be done via cheque or cash. 

> A certificate will be issued as proof of investment, which needs to produced at the end of the tenure. 

The Calculation 

If someone invests an amount of Rs 2 lakh for two years, which is the maximum tenure, she will get around Rs 2,32,044 on March 31, 2025. The interest rate will be compounded four times per year, and eight times in two years. So, the interest earned on Rs 2 lakhs will be Rs 32,044.

Soon after the scheme was opened, Union Railways Minister Ashwini Vaishnaw on Saturday tweeted a picture of the first woman to invest in Mahila Samman Savings Certificate 2023.