Mahila Samman Savings Certificate 2023: Public and Private Sector Banks authorised to implement Mahila Samman Savings Certificate

The Department of Economic Affairs, Ministry of Finance, through an e-gazette notification issued on June 27, 2023, permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalise the Mahila Samman Savings Certificate, 2023.

This aims to improve access to the scheme for girls/women. The Mahila Samman Savings Certificate scheme can now be subscribed from Post Offices and qualified Scheduled Banks. The scheme has been in operation since April 1, 2023 through the Department of Post.

Through a range of planned initiatives, the Central Government has undertaken a number of efforts to ensure women’s political, social, and economic progress. In continuation of these efforts, the Central Government announced the Mahila Samman Savings Certificate, 2023 scheme in the Union Budget FY 2023-24 to give financial stability to every girl and woman in India.

Key Features of the Scheme.

• Provides attractive and secured investment option to all girls and women.
• An account can be opened under this scheme on or before the March 31, 2025 for a tenure of two years.
• The deposit made under MSSC will bear interest at the rate of 7.5% per annum which will be compounded quarterly. Therefore, the effective interest rate will be roughly 7.7 percent.
• Minimum of Rs.1000 and any sum in multiple of 100 may be deposited within the maximum limit of Rs.200,000.
• Maturity of the investment under this scheme is two years from the date of opening of the account under the scheme.
• It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The account holder is eligible to withdraw maximum up to 40% of the eligible balance in the scheme account.