MSSC account may be opened by women of any age group including the girl child with a minimum deposit of Rs 1000 and a maximum deposit of Rs 2 lakhs for a period of two years
New Delhi:
Around 14.8 lakh accounts under Mahila Samman Savings Certificate Scheme have been opened with total deposits of Rs 8,630 crore so far, said Union Minister for State for Finance Pankaj Chaudhary said in a written reply to a question in Lok Sabha.
The Mahila Samman Savings Certificate Scheme (MSSC) is a newly launched small savings scheme of the government to commemorate the Azadi ka Amrit Mahotsav and is exclusively for women and girls in India.
The scheme was announced in the 2023-24 Union Budget by Finance Minister Nirmala Sitharaman and is a significant step towards financial inclusion and empowerment of women.
MSSC account may be opened by women of any age group including the girl child with a minimum deposit of Rs 1000 and a maximum deposit of Rs 2 lakhs for a period of two years.
The interest rate for MSSC is 7.5 per cent per annum which is compounded quarterly. The facility of partial withdrawal and premature closure on compassionate grounds are also available under the scheme.
The Minister, in his reply given in Lok Sabha yesterday, stated that the government has authorised the Department of Posts, all Public Sector Banks and four Private Sector Banks to operate the scheme.
The scheme has been made available in all 1.59 lakh post offices from April 01, 2023, when the finance ministry had formally issued the notification.
Mahila Samman Savings Certificate Scheme has been made available for a two-year period up to March 2025. An application for opening an account can be submitted on or before March 31, 2025, the Minister stated in the written reply.