New Delhi: The latest small savings programme, Mahila Samman Savings Certificate (MSSC) 2023 accounts, can now be opened in 12 public sector banks and 4 private sector institutions. The programme, exclusively accessible through post offices, was unveiled in the Union Budget this year.
As per the recent notification of the Ministry of Finance, one can apply for Mahila Samman Savings Certificate, 2023 in all public sector institutions as well as ICICI Bank, Axis Bank, HDFC Bank Limited and IDBI Bank.
“The Central Government hereby specifies that all Public Sector Banks, as well as ICICI Bank, Axis Bank, HDFC Bank Limited and IDBI Bank, shall be authorized to operate the scheme called Mahila Samman Savings Certificate, 2023. The official notification of this Publication in the Gazette.”
Mahila Samman Saving Certificate
To encourage more women to invest, the Center set up a one-time savings program for women, the Mahila Samman Savings Certificate, in Budget 2023. The event was revealed as part of Budget 2023 to honor the “Amrit Mahotsav of Independence”.
Mahila Samman Savings Certificate: Scheme Details
The two-year tenure plan offers a favorable fixed interest rate of 7.5%. The scheme offers flexible partial withdrawal and investment options with a limit of Rs 2 lakh.
Mahila Samman Savings Certificate: Interest Rates
7.5% interest is being offered by the Center per annum. Interest will be credited to the account on quarterly basis and will be compounded.
Mahila Samman Savings Certificate: Eligibility
The Center has said that a woman can apply for opening an account under the MSSC scheme either on her own or on behalf of a guardian of a minor girl child.
Mahila Samman Savings Certificate: Required Documents
Investors can invest in the scheme by visiting their local post office or any one of the selected banks with a copy of their PAN card, Aadhar card and deposit amount cheque.
Mahila Samman Savings Certificate: Investment Limits
The minimum and maximum investment amount per financial year is Rs 1,000 and Rs 2 lakh respectively. The plan also allows early withdrawal after one year with some minimal penalty charges.