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Economy, Schemes & Policies
Mahesh

01/07/23 05:52 AM IST

Mahila Samman Savings Certificate

In News
  • Mahila Samman Saving Certificate (MSSC) 2023 accounts, the newest small savings scheme, can now be opened in 12 public sector banks and four private sector banks.
About the Scheme
  • Mahila Samman Savings Certificate, 2023 scheme was announced in the Union Budget FY 2023-24 by the Central Government to provide financial security to every girl and woman in India.
  • Provides attractive and secured investment option to all girls and women
  • An account can be opened under this scheme on or before the March 31, 2025 for a tenure of two years
  • The deposit made under MSSC will bear interest at the rate of 7.5% per annum which will be compounded quarterly. Therefore, the effective interest rate will be roughly 7.7 percent.
  • Minimum of ₹1000 and any sum in multiple of 100 may be deposited within the maximum limit of ₹200,000.
  • Maturity of the investment under this scheme is two years from the date of opening of the account under the scheme.
  • It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The account holder is eligible to withdraw maximum up to 40% of the eligible balance in the scheme account.
Source- PIB

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