Introduction to Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate (MSSC) is a new small savings scheme introduced in the 2023 Budget, aimed at promoting investments among women. This single-holder account, available for a two-year tenure, can be opened at any Post Office or registered bank​.
Key Features of MSSC
- Guaranteed Returns: Backed by the Government of India.
- Attractive Interest Rate: 7.50% p.a.
- Eligibility: Exclusively for women.
- Investment Amount: Minimum of INR 1,000, maximum of INR 2,00,000.
- Account Flexibility: Option to open a second account after three months.
- Withdrawal Options: Partial withdrawals allowed after one year​.
Documentation Requirements
To open an MSSC account, you'll need the following:
- MSSC account opening form.
- KYC documents (Aadhaar, Voter’s ID, Driver’s license, PAN card).
- KYC form for first-time investors.
- Pay-in slip​.
- Eligibility Criteria
The scheme is available for women or guardians opening it on behalf of a minor girl. The account must be opened by 31st March, 2025​.
Opening MSSC at Banks
- Download or collect the application form from a bank.
- Fill in the details and complete the declaration and nomination.
- Submit the form with necessary documents and the investment amount.
- Receive the certificate upon application processing​​.
- Opening MSSC in Post Offices
- Obtain the application form online or from a Post Office.
- Complete the form with all required details.
- Submit the form with necessary documents.
- Deposit the funds and receive the investment certificate​.
Comparing MSSC with Other Post Office Schemes
The MSSC offers a 7.50% interest rate for a two-year tenure with no tax benefit, while other schemes like Public Provident Fund and National Savings Certificate offer different interest rates, tenures, and tax benefits​.
Conclusion
The Mahila Samman Savings Certificate is a significant step towards financial inclusion and empowerment for women, providing a safe and rewarding investment option.
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