The Post Office Mahila Samman Savings Certificate (MSSC) offers a fixed interest rate of 7.50% and supports short-term savings. It is a women-focused savings scheme launched in the Union Budget 2023-24 to encourage financial inclusion.
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What is the Post Office Mahila Samman Savings Certificate?
The Post Office Mahila Samman Savings Certificate (MSSC) has operated since April 1, 2023. It allows deposits starting from a minimum of â‚ą1,000 up to a maximum of â‚ą2,00,000, with a tenure of two years, and can be opened through Post Office, Public Sector Banks, and select scheduled banks notified by the government. However, per the government notification, new accounts were permitted only up to 31st March 2025, and no new openings are allowed now. Existing accounts will continue to earn interest at 7.50% until maturity.
Key Features of the Post Office Mahila Samman Savings Certificate
The main features of this women-focused savings scheme, including deposit limits, tenure, and benefits, are outlined below:
Multiple Accounts: A woman can open more than one account, provided a 3-month gap is maintained between openings and the combined deposit limit does not exceed â‚ą2 lakh.
Tenure: The scheme has a 2-year maturity period from the date of deposit.
Account Type: Only single-holder accounts are permitted; they can be opened by a woman in her own name or by a guardian on behalf of a minor girl.
Deposit Range: Deposits are allowed only in small multiples of â‚ą100, which makes investment easy and convenient for account holders.
Operational Update: ECS withdrawal to non-Post Office accounts is now enabled for existing MSSC accounts, making it easier for account holders to manage payouts.
Eligibility of the Mahila Samman Saving Certificate Scheme
The Mahila Samman Savings Certificate can be opened under the following conditions:
Self-Account: A woman can open an account in her own name.
Minor Account: A guardian can open and operate an account on behalf of a minor girl.
Account Holder: The account can be opened only in the name of a woman or a girl child.
Guardian Role: A guardian is permitted to manage the account if it is for a minor girl.
Multiple Accounts: An individual may open more than one account, but the total deposits across all accounts cannot exceed â‚ą2 lakh.
Residency Requirement: The scheme is available only to resident Indian women.
Documents Required for Mahila Samman Savings Certificate Account
To open a Mahila Samman Savings Certificate (MSSC) account, applicants need to submit the following documents:
Identity Proof: Aadhaar Card, Passport, Voter ID, or Driving Licence.
Address Proof: Aadhaar Card, Passport, Utility Bill, or any government-issued valid proof of residence.
PAN Card: Mandatory for income tax compliance and account verification.
Passport-sized Photographs: Recent photographs of the applicant.
Birth Certificate of Minor: If the account is being opened by a guardian on behalf of a minor girl.
Nomination Form: Details of the nominee, which can be filled out at the time of account opening.
How to Open a Post Office Mahila Samman Savings Certificate Account?
Opening a Mahila Samman Savings Certificate (MSSC) account is a simple process that can be completed at any Post Office, Public Sector Bank, or eligible Private Sector Bank. Here are the steps to follow:
Visit the Branch: Go to the nearest Post Office or authorised bank branch offering the scheme.
Collect the Application Form: Obtain Form I for opening an account or download it from the India Post website.
Fill in Details: Enter the applicant’s name, guardian details if applicable, deposit amount, and nomination information.
Attach Documents: Submit necessary KYC documents such as Aadhaar card, PAN card, proof of address, and passport-size photographs.
Make the Deposit: Pay the deposit amount through cash or cheque. Deposits are accepted only in multiples of â‚ą100.
Receive Certificate: After processing, the Post Office or bank will issue a certificate confirming the investment under the MSSC scheme.
Premature Withdrawal and Account Closure Rules
The Mahila Samman Savings scheme has specific conditions under which an account can be withdrawn from or closed before maturity.
Partial Withdrawal: Account holders can withdraw up to 40% of the eligible balance after completing one year from the opening date. In the case of a minor’s account, the guardian may request withdrawal if it is for the welfare of the girl child.
Premature Closure in Special Cases: The account can be closed before maturity in the event of the account holder's demise or on compassionate grounds, such as the account holder's life-threatening illness or the guardian's demise. Proper documentation is required for such cases.
Premature Closure for Other Reasons: Closure is permitted any time after six months from the opening date. However, the Post Office will apply an interest rate 2% lower than the regular scheme rate in such cases.
Maturity Closure: Once the account completes its two-year tenure, the depositor can withdraw the entire deposit and accumulated interest by submitting the prescribed application form.
Key Takeaways
The Mahila Samman Savings Certificate (MSSC) is a short-term savings scheme for women and children. During its active period, it allowed multiple deposits in multiples of â‚ą100 up to a maximum limit of â‚ą2 lakh. The tenure was two years, with a fixed return of 7.50% compounded quarterly. The scheme also permitted partial withdrawals and was available through Post Offices, Public Sector Banks, and select Private Sector Banks, making it a practical option for short-term financial planning.
FAQs
Can I open the Mahila Samman Savings Certificate scheme in 2025?
No, the scheme is available for account opening only until 31st March 2025, per government notification. After this date, new accounts cannot be opened unless an extension is announced.
What are the benefits of the Mahila Samman Savings Certificate?
The scheme offers simple investment rules, deposits in small multiples of â‚ą100, a maximum limit of â‚ą2 lakh, and a short tenure of two years. It provides assured returns with quarterly compounding and allows partial withdrawals, making it useful for short-term financial planning.
What is the interest rate of the Mahila Samman Yojana?
The scheme offers an interest rate of 7.50% annually, compounded quarterly and payable at maturity.
Can a woman open more than one account under MSSC?
Yes, multiple accounts are allowed, but there must be a minimum gap of three months between two accounts. The combined deposits across all accounts cannot exceed â‚ą2 lakh.
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