Mahila Samman Savings Certificate

What is Mahila Samman Savings Certificate Scheme?

The Mahila Samman Savings Certificate Scheme is a small-savings initiative launched by the Indian government in 2023 to promote saving among women. It's a one-time scheme open for two years, from April 2023 to March 2025. Women or guardians acting on behalf of minor girls can invest in this scheme. The scheme offers an attractive interest rate of 7.5% p.a. and allows a maximum deposit of ₹2 lakh. This is a good opportunity for women to grow their savings with a guaranteed return.

Highlights of the Mahila Samman Savings Certificate Scheme

Below are the key features and terms of the Mahila Samman Savings Certificate Scheme:

What are the Eligibility Criteria for the Mahila Samman Savings Certificate Scheme?

Here are the eligibility conditions for opening an account under the Mahila Samman Savings Certificate (MSSC):

• Indian Citizenship: The applicant must be an Indian resident.
• Women-Specific Scheme: Available only for women and girl children.
• Individual Accounts: Any individual woman can open an account under the scheme.
• Minor Accounts: A guardian can open and operate an account on behalf of a minor girl child.
• No Age Limit: There is no upper age limit; women of all ages can avail the benefits of this scheme.

Note: An account opened under this scheme shall be a single-holder type account. Joint accounts are not permitted.

Key Features of the Mahila Samman Savings Certificate Scheme

Here are the main features of the Mahila Samman Savings Certificate that outline its deposit rules, interest rate, and flexibility options:

• Attractive Interest Rate: The scheme offers a fixed interest rate of 7.5% p.a., compounded quarterly. This provides a guaranteed return on your investment.
• Deposit Limits: You can invest a minimum of ₹1,000 and any amount in multiples of ₹100. The maximum deposit limit is ₹2 lakh across all accounts.
• Investment Period: The Mahila Samman Savings Certificate Scheme is a two-year fixed-term deposit. Your investment is locked in for two years from the account opening date.
• Partial Withdrawal: The scheme allows for some flexibility. After one year, you can partially withdraw up to 40% of the deposit amount.
• Government Backing: This scheme is a government-backed initiative, ensuring a safe and secure investment option. The government guarantees your principal amount and interest earned.
• Availability: You can invest in this scheme at designated post offices and authorised scheduled banks.
• Payment on Maturity: The deposit matures two years from the date of the deposit. The maturity value is rounded off to the nearest rupee. 
• Multiple Accounts Permitted: A woman can open more than one single-holder account under the scheme, provided a minimum gap of three months between openings. The total deposit across all accounts held by the same individual must not exceed ₹2 lakh.

How to Apply for the Mahila Samman Savings Certificate Scheme?

The MSSC is a small-savings scheme aimed at encouraging women and girls to save securely. Below is a guide on how to apply, categorised into online and offline methods:

Online Application Process

You can easily apply for the Mahila Samman Savings Certificate through the official portal of a participating bank.

• Check Eligibility and Prepare Documents: Only women or guardians of minor girls can apply; keep Aadhaar, PAN, and address proof ready.
• Visit a Participating Bank’s Website or App: Log in to your bank’s net banking or mobile app and select the MSSC option.
• Fill Out the Online Form: Enter name, contact, Aadhaar, PAN, nominee, and deposit details accurately.
• Specify the Deposit Amount: Invest between ₹1,000 and ₹2 lakh in multiples of ₹100.
• Upload KYC Documents: Submit scanned copies of identity and address proofs and complete e-KYC.
• Pay Online and Get Acknowledgement: Make a payment via UPI or net banking and receive a digital certificate.

Offline Application Process

You can also open an MSSC account through any post office or participating bank branch.

• Obtain the Application Form (Form-1): Collect Form-1 from your branch or download it from the India Post website.
• Fill in Personal and Account Details: Enter your name, address, date of birth, and select the MSSC option.
• Provide Nominee and Declaration Information: Add nominee details, relationship, and complete the declaration section.
• Attach Required KYC Documents: Attach self-attested copies of Aadhaar, PAN, and address proof.
• Submit Form with Deposit Amount: Pay via cash, cheque, or demand draft at the branch counter.
• Receive the Investment Certificate: You’ll get a physical certificate as proof of investment after verification.

Note: Online processing is available only through select banks; in most cases, verification and certificate issuance require a physical visit.

Banks Offering Mahila Samman Savings Certificate Scheme

The Indian government has allowed certain government and private banks to offer the Mahila Samman Savings Certificate program. An electronic government notification announced this decision on June 27th, 2023. Here are some of the banks where you can invest in this scheme: 

• Punjab National Bank
• Bank of India
• Canara Bank
• Central Bank of India
• Bank of Baroda
• Union Bank of India

Documents Required for Mahila Samman Savings Certificate Scheme Account

To open an MSSC account, applicants must provide the following documents:

• Passport-size photograph
• Proof of age (such as a Birth Certificate)
• Aadhaar Card
• PAN Card
• Pay-in Slip along with the deposit amount or cheque
• Any one of the following documents is valid proof for identification and address:
  • Passport
  • Driving License
  • Voter’s ID Card
  • Job Card issued by NREGA 
  • A letter issued by the National Population Register (NPR)

Premature Closure of Mahila Samman Savings Certificate Scheme

The Mahila Samman Savings Certificate Scheme has a lock-in period of two years. However, there are a few situations where premature closure is allowed:

• After Six Months: You can close your account anytime after six months from the opening date without any specific reason. However, you'll receive a lower interest rate (usually 2% less than the regular rate) on the deposited amount.
• Death of the Account Holder: In this case, the nominee or legal heir can close the account and receive the full principal amount and accrued interest at the regular rate.
• Extreme Compassionate Grounds: If you face a critical situation like a life-threatening medical condition (yours or your guardian's) and can provide valid documentation, authorities might allow premature closure. The interest rate in such cases would also be the regular rate.

Mahila Samman Savings Certificate vs Other Small Savings Government Schemes

The table below compares Mahila Samman Savings Certificate (MSSC) main features and current interest rates with other government-backed small savings options:

Note: Interest rates and limits are based on official data from nsiindia.gov.in, indiapost.gov.in, and the Department of Economic Affairs (DEA) notifications as of October 2025. Rates are reviewed quarterly by the Government of India.

Tax Benefits of the Mahila Samman Savings Certificate Scheme

The Mahila Samman Savings Certificate (MSSC) does not offer any tax deduction under Section 80C. The interest earned under the scheme is fully taxable as “Income from Other Sources” and must be declared in the investor’s Income Tax Return. Tax Deducted at Source (TDS) applies only when the total annual interest paid exceeds ₹50,000 for non-senior citizens and ₹1,00,000 for senior citizens. Since the maximum investment permitted under MSSC is ₹2 lakh and the interest rate is 7.5% per annum for two years, the annual interest amounts to about ₹15,000, well below the revised TDS threshold. Therefore, in most cases, no TDS is deducted.

Key Takeaways

The Government of India launched the Mahila Samman Savings Certificate (MSSC) in April 2023 to promote savings among women and girl children. It offers a fixed interest rate of 7.5% annually, compounded quarterly, with a two-year lock-in period. Investments can range from ₹1,000 to ₹2 lakh per individual, backed by full government security. The scheme remained open for deposits until March 31, 2025. The interest income generally stays below the TDS threshold, making it a safe and reliable short-term savings option for women.