Mahila Samman Savings Certificate 2023 Launched Check Features, Eligibility, Maturity Calculator

Mahila Samman Savings Certificate, 2023 Features, Maturity Value Scheme Details Explained. Central Govt ahs launched New Scheme namely “Mahila Samman Savings Certificate, 2023”. This is a New Scheme only for Women. Details of the “Mahila Samman Savings Certificate, 2023” Scheme [MSSC], Eligibility, Maturity Values, Mahila Samman Savings Returns Online Calculator, How to Open MMSC Account are explained in detailed below.

Mahila Samman Saving Certificate a new small savings scheme was introduced in Budget 2023, specially designed for women investors to encourage investments. The government has made the scheme come into effect via a gazette notification issued on March 31, 2023. An account opened under this scheme will be a single holder type account and the account can be opened in the Post Office or any authorised bank.

Mahila Samman Savings Certificate 2023 Launched Check Features, Eligibility, Maturity Calculator

“Mahila Samman Savings Account” offers 7.5% Compound Interest rate, which is compounded quarterly.

Mahila Samman Savings Certificate (MSSC) 2023: A New Savings Scheme for Women
The Government of India has launched a new small savings scheme called Mahila Samman Savings Certificate (MSSC) on 31.03.2023. 

This scheme is dedicated to women’s empowerment and commemorates Azadi Ka Amrit Mahotsav. The scheme will be available for a period of two years up to March 2025. This article will provide you with an overview of the features of the scheme and how it can be beneficial for women.

MMSC Mahila Samman Savings Account 2023

Subject: Introduction of new scheme, “Mahila Samman Savings Certificate, 2023” circulation of Notification regarding.

The Ministry of Finance (DEA) has issued notification G.S.R. 237(E) dated 31.03.2023 in connection with introduction of new scheme ‘Mahila Samman Savings Certificate, 2023”. This scheme shall be governed by this notification. Copy of the notification is enclosed.

Mahila Samman Savings Certificates, 2023 (MSSC): - Account Type

Type of Account for MSSC 2023
  • (i) Account under this scheme can be opened for an individual girl or woman in whose name the account is held.
  • (ii) On an application to the post office in prescribed form, a Single Holder Type Account may be opened on or before 31.03.2025 by a woman for herself, or by the guardian on behalf of a minor girl.

Who can open Mahila Samman Savings account - Eligibility

Mahila Samman Savings account can be opened by a woman for herself, or by the guardian on behalf of a minor girl. Women investors have to fill Form - I, on or before the 31st March, 2025.

An individual may open any number of accounts in the scheme subject to the maximum limit for deposit Rs. 2 Lakh and a time gap of three months between the existing account and the opening of another account

Benefits and Salient Features of Mahila Samman Savings Certificate 2023 (MSSC)

Women in India face many challenges when it comes to financial independence. The Mahila Samman Savings Certificate scheme provides a platform for women to invest in their future and secure their financial stability. 

The scheme aims to encourage women to save and invest, which can lead to long-term financial independence. Features and benefits of MSSC are as under:

i) The scheme is exclusively for women and girl children;

ii) The deposit facility is available for a tenor of two years;

iii) The minimum amount of deposit is Rs 1,000, and the maximum amount is Rs 2,00,000;

iv) The interest rate is fixed at 7.5% per annum, compounded quarterly, making it an attractive investment option for women;

v) Partial withdrawal of up to 40% of the eligible balance is allowed after the completion of one year;

vi) Premature closure of the account before the maturity period is allowed only in exceptional circumstances;

vii) The scheme does not have any credit risk as it is backed by the government; and

viii) No tax benefit on making an investment in Mahila Samman Savings Certificate is announced. As per general rules, the interest income on this scheme shall become taxable

Deposits in Mahila Samman Savings Account Scheme

The following is as per the Official Document released by GOI.

(i) A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account. Thereafter, no subsequent deposit shall be allowed in the account.
(ii) There shall be a maximum limit for deposit of Rs. Two lakh in an account or in all accounts under this scheme held by an account holder.
(iii) An individual may open any number of accounts in the scheme subject to the maximum limit for deposit Rs. 2 Lakh and a time gap of three months between the existing account and the opening of another account. For example, an account holder who opened an account on 05.04.2023 with an amount Rs. 50,000, can open another account on or after 05.07.2023 with balance amount Rs. 1.50 lakh or part thereof.

Interest Rate of Mahila Samman Savings Certificate Account

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.

According to the Ministry of Finance notification dated March 31, 2023, “The interest payable to the account holder in respect of any account opened or deposit made which is not in consonance with the provisions of this Scheme shall be payable at the rate applicable to the Post Office Savings Account.”
  • (i) The rate of interest applicable to the deposits under this scheme is 7.5 per cent per annum. The interest shall be compounded on quarterly basis and credited to the account.
  • (ii) Post Office Savings Account interest shall be payable on an account opened or maintained, in contravention of this scheme.

Partial Withdrawal from account in Mahila Samman Savings Account

After the first year from the date of account opening but before the account's maturity, the account holder can withdraw a maximum of 40% of the balance by submitting a Form-3 application.

(i) The account holder shall be eligible to withdraw for maximum up to 40 per cent of the eligible balance once after the expiry of one year from the date of opening of the account but before the maturity of the account by making application in prescribed form.

(ii) In case an account opened on behalf of a minor girl, the guardian may apply for the withdrawal for the benefit of the minor girl by submitting the following certificate to the post office 

Payment on Maturity on MSSC
The account shall mature on completion of two years from the date of the account opening. 

Eligible Balance may be paid to the account holder on an application in Form-2 submitted to the post office concerned on maturity.

MMSC Maturity Calculator Online

Calculate the Mahila Samman Savings Certificate Maturity online Below. 

Features of MMSC 2023:
Min Deposit: Rs 1000
Max Deposit: Rs 200000
Term: 2 Yrs
Interest Rate: 7.5% per annum, Compound Interest whihch is compounded quarterly
Min Deposit: Rs 1000
Click Here for Online MMSC Maturity Calculator

Premature closure of MMSC Account
(i) Account shall not be closed before maturity except in the following cases, namely:
  • (a) On the death of the account holder,
  • (b) Where the post office is satisfied, in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the Account holder or death of the guardian, that the operation or continuation of the Account is causing undue hardship to the Account holder, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the Account.
Note: - In case of premature closure an application from the account holder/guardian shall be obtained along with certificate of treating doctor or death certificate of guardian shall be obtained.

(ii) Where an account is prematurely closed under conditions mentioned in para (f) (i) above., interest on principal amount at the rate applicable to the scheme for which the account has been held shall be payable.

(iii) Premature closure of an Account may be permitted, any time after the completion of six months from the date of opening of an account by submitting prescribed form, for any reason other than mentioned in para (f) (i) above, in such cases account shall be eligible only for the interest rate less by two per cent points than the rate specified for this scheme (viz. 5.5%).

3. The provisions of the Government Savings Promotion General Rules, 2018 shall, so far as may be, apply in relation to the matters for which no provision has been made in this Scheme.

4. For operation of this scheme in Finacle a “Standard Operating Procedure (SOP) has been prepared and enclosed as Annexure.

5. Various forms prescribed for the scheme in the notification should be used. However, till the receipt of Form-1 for opening of account, existing SB-AOF form for opening of account may be used and it shall be ensured that declaration prescribed in para 3(2) of SB_AOF in respect of details of existing Mahila Samman Savings Certificate, shall be obtained from the account holder. For withdrawal from the account form SB-7C, for premature closure of account form SB-7B and for maturity closure form SB-7A may be used.

6. This may be circulated to all the Offices for information and necessary actions. A wide publicity should be given to this scheme on various platforms/modes.

7. This is issued with the approval of competent authority.

How to Open Mahila Samman Savings Certificate Account

Standard Operating Procedure for operation of Mahila Samman Savings Certificates, 2023 in Finacle.

(1) This scheme will be available in all post offices across the country i.e. HO/SO/BO.

Note: - Post offices may accept Bank Cheque along with Account Opening Form/KYC documents on 01.04.2023 and send the cheque for clearance through CTS. After receipt of clearance post offices will open account on or after 03.04.2023.

(2) However, the process for necessary modification in RICT CBS application for Branch Post Offices may take time.

(3) So, in order to facilitate rural customers to open account under the ‘Mahila Samman Savings Certificates, 2023’ at the GDS Branch Post Offices, Account can be opened in Branch Post offices through cheque or withdrawal form (SB-7) as per the procedure prescribed vide SB Order No. 22/2020 and SB Order No. 32/2020.

(4) For opening of account, Account Opening Form, KYC form (for new customer) and KYC documents as prescribed in rule 5 and 6 of Government Savings Promotion General Rules, 2018 should be obtained.

(5) Bank Cheque received for opening of the account under the scheme shall be lodged
So approach Your nearest POST OFFICE for Opening of MMSC ACCOUNT. 

Final Words on Mahila Samman Savings Certificate

Mahila Samman Savings Certificate, 2023 is a commendable initiative by the government of India to empower women and promote financial independence. The scheme offers a fixed interest rate, partial withdrawal options, and a deposit facility of up to Rs 2 lakh in the name of women or girls for a tenor of 2 years. Women should take advantage of this scheme and secure their financial future.