In a progressive step towards empowering women financially, the Government of India has introduced the Mahila Samman Saving Certificate scheme. This initiative aims to provide financial security and independence to women by offering them a safe and lucrative investment avenue. In this blog post, we’ll delve into the details of the Mahila Samman Saving Certificate, its benefits, eligibility criteria, and how women can leverage this scheme to secure their financial future.
Understanding Mahila Samman Saving Certificate
Mahila Samman Savings Certificate, a one-time new small savings scheme, has been made available for investment up to March 2025 for a two-year period in observance of Azadi Ka Amrit Mahotsav. This would provide a two-year fixed interest rate of 7.5% with a partial withdrawal option for deposits up to ~ 2 lakh made in the names of women or girls.
he risk-free Mahila Samman Savings Certificate program is geared toward women and girls of all ages. The goal of this program is to encourage girls and women to invest and save money. An account with a single holder should be formed under this plan.
The features of the Mahila Samman Savings Certificate
ELIGIBILITY
- Any Individual Women.
- The Minor account can also be opened by the guardian.
BENEFITS
- 100% safe and Secured
- Scheme by Government of India
- Attractive interest rate of 7.5%
INVESTMENT
- A minimum of one thousand rupees and any sum in multiples of one hundred rupees may be deposited in an account and no subsequent deposit shall be allowed in that account.
- A maximum limit of two lakh rupees shall be deposited in a single account or multiple accounts held by an account holder.
- An individual may open any number of accounts subject to the maximum limit for deposit and a time gap of three months shall be maintained between the existing account and the opening of other account.
RATE OF INTEREST
- The deposits made under this Scheme shall bear interest at the rate of 7.5 % per annum.
- Interest shall be compounded on quarterly basis and credited to the account.
PREMATURE WITHDRAWAL
The account holder shall be eligible to withdraw maximum up to 40% of the Eligible Balance once after the expiry of one year from the date of opening of the account but before the maturity of the account.
MULTIPLE ACCOUNTS
The Customer can open multiple accounts under this scheme, however 2nd account can be opened only after time gap of three months from the date of opening of 1st account and so on. However total deposit including all the accounts should not exceed Rs 2 Lacs.
NOMINATION
Nomination facility is available for maximum upto 4 Nominee per account.
check out our blog post:Sukanya Samriddhi Yojana (SSY)
MAHILA SAMMAN SAVINGS CERTIFICATE – A/C OPENING
Investing in the Mahila Samman Saving Certificate is a simple and straightforward process:
- Visit a designated bank or post office offering the scheme.
- Fill out the application form with accurate personal and financial details.
- Submit the required documents, including identification and address proof.
- Deposit the desired amount in the scheme and receive the certificate acknowledging your investment.
DOCUMENTS REQUIRED
- A recent passport size photograph (mandatory)
- PAN CARD (mandatory)
- Aadhar card (mandatory)
- Passport (optional)
- Driving license (optional)
- Voter’s ID card (optional)
- Job card issued by NREGA signed by the State Government officer (optional)
- Letter issued by the National Population Register containing details of name and address. (optional)
MAHILA SAMMAN SAVINGS CERTIFICATE – A/C CLOSURE
MSSC account is opened for a period of 2 years and the account shall not be closed before maturity except in the following cases, namely:-
- on the death of the account holder.
- where the Bank concerned is satisfied, in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, that the operation or continuation of the account is causing undue hardship to the account holder, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the account. Where an account is prematurely closed, interest on principal amount shall be payable at the rate applicable to the Scheme for which the account has been held (without deduction of any Penal Interest).
- Premature closure of an account may be permitted, any time after the completion of six months from the date of opening of an account for any other reason mentioned above and in which case the balance as stood from time to time in the account shall be eligible only for the interest rate less by Two Percent (2%) than the rate specified by the scheme.
PAYMENT ON MATURITY
The deposit shall mature on completion of two years from the date of the deposit and the Eligible Balance may be paid to the account holder.
check out our blog post: Sukanya Samriddhi Yojana (SSY)
Conclusion
The Mahila Samman Saving Certificate is a commendable initiative by the Government of India to promote financial inclusion and empower women. By offering attractive interest rates, tax benefits, and flexible investment options, this scheme provides women with a valuable opportunity to secure their financial future. Whether you’re a working professional, homemaker, or entrepreneur, investing in the Mahila Samman Saving Certificate can be a prudent step towards achieving financial independence and fulfilling your long-term aspirations. Take advantage of this scheme today and embark on your journey towards financial empowerment!