A secure investment option for women and girls is provided by the Mahila Samman Savings Certificate (MSSC) The scheme is available at eligible scheduled banks and post offices. The Mahila Samman Savings Certificate Scheme (MSSC) was launched exclusively for women and minor girls in March 2023. Affordable interest rates and support for the government's financial inclusion goals helps to promote financial independence. Women and guardians of minor girls can make personal investments with the Mahila Samman Savings Certificate. It is a one-time initiative that will run for two years, from April 2023 to March 2025.

Key Features & Benefits of Mahila Samman Savings Certificate

• Offers secure investment opportunities for girls and women.
• Accounts can be opened until March 31, 2025, for a tenure of two years.
• The interest rate for the deposit made under MSSC will be 7.5% per annum, which will be compounded quarterly.
• Any sum in multiples of Rs 100 and a minimum of Rs 1,000, may be deposited within the maximum limit of Rs 2,00,000.
• The investment is valid for two years from the account opening date.
• Flexibility in both investment and partial withdrawal is envisioned during the duration of the scheme. A maximum of 40% of the eligible balance in the scheme account can be withdrawn by the person who holds the account.

Minimum and maximum amount deposited in Mahila Samman Savings Certificate Scheme

• An individual may open as many accounts as they want, subject to the maximum deposit limit, and there must be a three-month gap between the existing account and the opening of new accounts.
• A minimum of Rs 1000 and any sum in multiples of one hundred rupees may be deposited in an account, with no further deposits allowed.
• An account holder can deposit up to Rs 2,00,000 in their account(s).

How to apply for a post office Mahila Samman saving certificate?

The Mahila Samman Savings Certificate scheme account can be opened by women and guardians of girl children at post offices and qualified scheduled banks.

Steps to open Mahila Samman Savings Certificate at Post Office:

1. Get the 'Application for Purchasing the Certificate' from the Indian Post's official website. Alternatively, you can obtain the form from your nearest Post Office branch.
2. Fill out the form with your post office address, account type, payment method, personal information, declaration and nomination information, and so on.
3. Submit the application form together with the relevant documentation.
4. Make the requisite deposit at the post office, either in cash or by cheque.
5. After the process is completed, you will receive a certificate confirming your investment in the scheme.

Steps to open Mahila Samman Savings Certificate in Bank:

1. Visit the bank that runs the scheme and get the Mahila Samman Savings Certificate application.
2. Fill out all of the essential information on the application form.
3. Complete the declaration and nomination details.
4. Fill out the form and return it to the bank's branch office with the needed documentation.
5. Deposit the scheme's initial account with the bank officials.
6. You will receive a certificate proving your investment in the Mahila Samman Savings Certificate scheme.

Mahila Samman Savings Payment on Maturity

The Mahila Samman Savings deposit matures after two years, and the account holder can obtain the eligible balance by submitting Form-2 to the financial institution when it reaches maturity.

Partial Withdrawal Option Mahila Samman Savings Scheme

Under the Mahila Samman Saving Certificate scheme, there is a partial withdrawal facility provided. Up to 40% of the account balance can be withdrawn after a year from the account opening date.

Premature Closure of Mahila Samman Savings Certificate Account

Mahila Samman Savings Certificate Account can be closed prematurely in case the account holder dies. In exceptional cases of compassion, such as the account holder's life-threatening illness or the guardian's death, premature closure is also possible, if the account's operation or continued operation causes the account holder undue hardship. The scheme's usual 7.5% interest rate will be applied in the event of an early closure due to the mentioned circumstances.

Documents Required to Open the Mahila Samman Savings Certificate Account

• Passport Size Photograph
• Proof of Age (e.g., Birth Certificate)
• Aadhaar Card
• PAN Card
• Pay-in-Slip with deposit amount or cheque
• Passport, Driving License, Voter ID Card
• NREGA-issued employment card with a State Government Officer's signature
• Letter issued by the National Population Register with name and address details

Banks Offering Mahila Samman Savings Certificate MSSC:

Mahila Samman Savings Certificate accounts are not available at all banks. The authorized banks are:

• Bank of Baroda
• Canara Bank
• Bank of India
• Punjab National Bank
• Union Bank of India
• Central Bank of India
• SBI and others

Conclusion

The Mahila Samman Savings Certificate is a valuable initiative that offers secure and attractive investment options for women and minor girls. But it is important to know that only specific banks are allowed to open these accounts. Visit CreditKaro for more information on such schemes and to explore a variety of investment opportunities. Get trusted insights and updates to help you navigate your financial journey.