In this guide, you will know about the mssc scheme – Mahila Samman Savings Certificate (MSSC) 2023 notified. Check eligibility, last date, interest details, and more.
Mahila Samman Savings Certificate 2023 notification: Finance Minister of India Nirmala Sitharaman announced the Mahila Samman Savings Certificate (MSSC scheme) for women and girls parents to invest up to Rs 2 lakh for a period of 2 years and earn a fixed interest of 7.5%. The name of this one-time small savings scheme is Mahila Samman Savings Certificate (MSSC).
The Indian Government launched a new small savings scheme, which is called the MSSC scheme; the full name of MSSC is Mahila Samman Savings Certificate. MSSC Scheme started on 31 March 2023.
This scheme aims at women’s empowerment and commemorates the Amrit Mahotsav of Independence. The MSSC scheme will be available for a period of two years, until March 2025.
Through this article, you will get information on Mahila Samman Savings Certificate 2023 scheme and how it can be beneficial for women, mssc scheme where to apply, mahila samman saving scheme online apply, and more.
Here are the eligibility criteria for mssc scheme – Mahila Samman Savings Certificate (MSSC) 2023 to open an account.
- The MSSC Scheme can be bought by a woman or in the name of a minor girl child.
- Under the MSSC scheme, the application for opening an account can be made by the woman herself or by the guardian on behalf of the minor girl child.
- The minimum amount of deposit is Rs 1,000, and the maximum amount of deposit is Rs 2,00,000.
- The MSSC scheme is a one-time scheme, and accounts may be opened from 01.04.2023 to 31.03.2025.
MSSC Deposit limit
- The maximum limit to the scheme is Rs 2 lakh for opening the MSSC account by a woman or in the name of a minor girl child by a guardian.
- The minimum amount needed to open an MSSC account is Rs 1000, and in multiples of Rs 100 thereafter.
- The maximum deposit limit in this scheme is Rs 2 lakh.
MSSC Interest Rate
The interest rate of the MSSC scheme is 7.5% on deposits in their MSSC account. the Interest will be compounded quarterly and credited to the MSSC account.
Mahila Samman Saving Certificate: How to Open an Account?
Eligible applicants can open an MSSC account at their Post office or authorized bank under the MSSC scheme.
Please follow the step-by-step guide to opening a Mahila Samman Saving Certificate account:
- Go to the nearest post office or bank.
- Ask the customer for the Mahila Samman Bachat Patra Yojana.
- After that, Fill out the required details in the applicaion form such as:
- Personal Infomation
- Financial information
- Nominee information
- Identity proof
- Address proof
- You can deposit the money in a cheque or cash.
Forms under the MSSC scheme
Account Opening: Form 1
Maturity payment: Form 2
Withdrawal: Form 3
Mahila Samman savings Certificate Calculator
Invested Money- 2,00,000/-
Interest Rate- 7.5% (Quarterly Compounding)
invested money- 2,00,000/-
interest rate- 7.5% (Quarterly compounding)
First Quarter for 1st year- 200000×7.5%x3/12= 3750/-
Second Quarter for 1st year- 203750×7.5%x3/12= 3820/-
Third Quarter for 1st year- 207570×7.5%x3/12= 3892/-
Fourth Quarter for 1st year- 211462×7.5%x3/12= 3965/-
First Quarter for 2nd year- 215427×7.5%x3/12= 4039/-
Second Quarter for 2nd year- 219466×7.5%x3/12= 4115/-
Third Quarter for 2nd year- 223581×7.5%x3/12= 4192/-
Fourth Quarter for 2nd year- 227773×7.5%x3/12= 4271/-
Maturity amount after two year= 227773+4271= 232044/-
Total Maturity Amount – 2,32,044/-
If invested money is less than 2 Lakh you can use the MSSA calculator to calculate the maturity amount.
Mahila Samman Saving Account Scheme Maturity Period
|Name of the Scheme||Mahila Samman Yojana|
|Interest Rate||7.5% per annum|
|Maturity Period||2 Years|
|Eligibility||Only for women and girls|
|Announced on||01 February 2023 by Finance Minister|
|Announced in||Budget 2023|
|Account opening started||from 01th April 2023 to 31th March 2025|
Mahila Samman saving certificate how to apply online
If you want to know how to apply online for the Mahila Samman saving certificate, now you can’t apply online for the MSSC scheme. To open your mssc account, you need to complete the offline complete using a hardcopy form from your nearest post office or authorized bank.
How to Invest in the Mahila Samman Saving Certificate Scheme?
Step 1: Visit your nearest post office or the bank that offers the scheme.
Step 2: Request an application form for the Mahila Samman Bachat Patra Yojana.
Step 3: Fill out the application form with the essential information.
Step 4: Submit the application form along with supporting documents.
Step 5: Select the deposit amount and the mode of deposit: cash or check.
Step 6: You will receive a certificate as proof of your investment.
MSSC Account Opening form PDF
Here you will get the MSSC Account Opening Form PDF form below the link. you need to download the application form given below for Mahila Samman Savings Certificate Account and follow the above steps:
FAQs of MSSC Scheme
Where to open MSSC account?
You can open your mssc account from the nearest post office or bank.
Who Can Invest in Mahila Samman Saving Certificate?
Only women and girl child are qualified to invest in this small savings scheme.
Is Mahila Samman Saving Certificate tax Free?
The government has not yet disclosed whether the Mahila Samman Savings Certificate Scheme is tax free or not.
When will the MSSC account opening start?
A woman and a girl can open an MSSC account between 01 April 2023 to 31 March 2025.