MSSC Scheme: For women seeking to amplify their savings through profitable investments, the Modi government has launched the ‘Mahila Samman Saving Certificate’ scheme in the 2023 budget. This scheme promises enhanced returns for women investors, tailored to meet their financial needs.
The ‘Mahila Samman Saving Certificate’ offers a maturity period of 2 years, with a competitive compound interest rate of 7.50 percent on the deposited capital. Notably, the scheme provides flexibility for premature withdrawals, catering to the evolving financial requirements of women.
Opening an Account
Women of any age can open an account under the ‘Mahila Samman Saving Certificate’ scheme, as the government has not set any age restrictions. Even minor girls can initiate accounts under parental supervision, which automatically transition to their name upon reaching 18 years of age. To open an account, individuals must complete the Know Your Customer (KYC) process by submitting the requisite form. The scheme allows deposits of up to Rs 2 lakh per account.
Interest on Premature Withdrawal
Account holders under the ‘Mahila Samman Saving Certificate’ scheme have the option to withdraw up to 40% of their deposited capital after one year. Additionally, in the event of the account holder’s demise, nominees can claim the deposited capital. Moreover, individuals facing significant health challenges can avail themselves of premature withdrawal facilities. If an account is closed prematurely for any reason, the interest rate decreases to 5.50% instead of the standard 7.50%.
The introduction of the ‘Mahila Samman Saving Certificate’ scheme aims to empower women financially and encourage their active participation in investment opportunities.
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