Mahila Samman Savings Certificate

In the Budget 2023-2024, the Government announced the Mahila Samman Savings Certificate - a new small savings scheme for women investors.

Salient Features of MSSC: It is a small savings scheme backed by the government. Hence, it does not have any credit risk.

  • Eligibility: The Mahila Samman Savings Certificate can be done only in the name of a girl child or woman.
  • Interest Rate: This scheme will give a fixed interest rate of 7.5%, much higher than most bank Fixed Deposits (FDs) and other popular small savings schemes.
  • Deposit Limits: The maximum deposit amount under the Mahila Samman Savings Certificate is Rs.2 lakh. The minimum amount is yet to be specified.
  • Tenure: This scheme is a one-time scheme with tenure of two years. This scheme will be available for two years, i.e. from 2023 to 2025.
  • Premature Withdrawal: A partial withdrawal facility is provided under the Mahila Samman Saving Certificate scheme.

Expected Benefits: The proposed scheme is a step in the right direction towards empowering women and promoting financial literacy.

Related Content