6 banks offering Mahila Samman savings Certificate MSSC, scheme @7.5% interest rate
Mahila Samman saving Certificate 6 banks offering MSSC, post-off scheme @7.5% interest rate
Mahila Samman savings Certificate
Financial inclusion is a vital aspect in the world that crowns gender equality and talks about women’s empowerment.
The Mahila Samman saving certificate was introduced in the 2023-24 budget by the honorable Finance Minister Nirmala Sitharaman.
That aims to promote financial inclusion among the female and the same time empower them and respect their contribution to society.
Mahila Samman saving certificate is a savings scheme previously initiated by the India Post Office and is now available at banks.
So, it brings to your notice that the Department of economy affairs, Ministry of Finance has authorized banks to operationalize MSSC.
All the public sector banks and private sector banks have been authorized to adopt and put in into immediate effect.
Through the e-gazette announcement published on 27 June 2023, for Mahila Samman Savings Certificate, 2023.
वित्तीय समावेशन दुनिया में एक महत्वपूर्ण पहलू है जो लैंगिक समानता का प्रतीक है और महिला सशक्तिकरण की बात करता है।
महिला सम्मान सेविंग सर्टिफिकेट, माननीय वित्त मंत्री निर्मला सीतारमण द्वारा 2023-24 के बजट में पेश किया गया था।
इसका उद्देश्य महिलाओं के भीतर वित्तीय समावेशन को बढ़ावा देना और साथ ही उन्हें सशक्त बनाना और समाज में उनके योगदान का सम्मान करना है।
ये महिला सम्मान सेविंग सर्टिफिकेट एक बचत योजना है जो पहले भारतीय डाकघर द्वारा शुरू की गई थी और अब बैंकों में उपलब्ध है।
तो, यह आपके ध्यान में लाता है कि वित्त मंत्रालय के अर्थव्यवस्था मामलों के विभाग ने बैंकों को MSSC को संचालित करने के लिए अधिकृत किया है।
सभी सार्वजनिक क्षेत्र के बैंकों और निजी क्षेत्र के बैंकों को इसे अपनाने और तत्काल प्रभाव से लागू करने के लिए अधिकृत किया गया है।
महिला सम्मान सेविंग सर्टिफिकेट, 2023 के लिए 27 जून 2023 को प्रकाशित ई-गजट घोषणा के माध्यम से।
Mahila samman savings certificate
This is a two-year Mahila samman savings certificate that is a one- time programme which shall be in effect from April 2023 to March 2025.
You will have a maximum deposit facility of up to Rs. 2 Lakh for around two years at a set interest rate in the girls or women’s name.
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Mahila samman savings certificate offered by 6 Banks
The Mahila Samman Savings Certificate 2023 is available for two years, from April 2023-March 2025.
It will offer a maximum deposit facility of up to Rs.2 lakh in the name of women or girls (including minors) for two years at a fixed interest rate of 7.5% Per Annum Compounded Quarterly
For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, has been made available for a two-year period for investment up to March 2025.
This will offer deposit facility upto ` 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.
Mahila Samman Savings Certificate is a risk free scheme dedicated towards Women’s and Girls’ of all age groups.
This scheme has been designed with the intent of encouraging women and Girls to save and invest.
The account opened under this scheme should be a single holder type account.
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%
Mahila samman savings certificate 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.
Click Here for Pre-mature withdrawal form.
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.
Central Bank of India
Minimum of rupees one thousand and in multiple of rupees one hundred and Maximum limit of rupees two lakh in an account or all account held by an account holder.
The rate of interest of 7.5% Per Interest will be compounded quarterly
Eligibility
(a) Who can open:-
(i) By a woman for herself.
(ii) By the guardian on behalf of a minor girl.
(b) Deposit:-
(i) Minimum of rupees one thousand and in multiple of rupees one hundred.
(ii) Maximum limit of rupees two lakh in an account or all account hold by an account holder.
(iii) A time gap of three months shall be maintained between the existing account and the opening of other account.
(c) Interest:-
(i) Deposit shall eligible for 7.5 per cent interest per annum.
(ii) Interest will be compounded quarterly.
(iii) Account opened or deposit made in-contravention of rules will be eligible for interest @ PO Savings Account.
(d) Withdrawal:-
40% withdrawal of eligible balance can be taken after one year from the date of account opening.
(e) Pre-mature closure
(i) On the death of the account holder
(ii) On extreme compassionate ground (i) Life threatening decease of account holder (ii) death of the guardian on production of relevant documents.
(f) Maturity:-
(i) After two years from the date opening eligible balance will be paid to the depositor.
(g) How to open account:-
(i) Submit Account Opening Form, KYC Document (Aadhaar and PAN card) Pay-in-Slip along with deposit amount/cheque at nearest Central Bank of India..
Bank of Baroda
Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the Mahila Samman Savings Certificate (MSSC) Scheme, a new initiative by the Government for women.
MSSC is a 2-year deposit scheme, which offers an interest rate of 7.5% per annum.
Both customers and non-customers can open a Mahila Samman Savings Certificate Scheme at Bank of Baroda.
All women are eligible to open an account, which can be opened for herself or by a guardian (female or male) on behalf of a minor girl. Under this scheme, a single account holder can make a cumulative deposit of Rs 200,000 – either at one time or in phases with a minimum deposit of Rs 1,000, in multiples of Rs 100.
Canara bank
Canara bank has officially rolled out the Mahila Samman Savings Certificate (MSSC) Scheme across India.
So, in a recent tweet on its official Twitter account, CanaraBank is proud to introduce the Mahila Samman Savings Certificate (MSSC) Scheme across India.
As your trusted banking partner, we are committed to supporting women’s financial growth and empowerment. Contact your nearest Canara Bank branch to learn more.
Interested candidates are required to contact your nearest Canara branch for more.
Union Bank of India
Union Bank of India officially introduces Mahila Samman Saving Certificate (MSSC), 2023 Scheme across its Branches PAN India on 30th June, 2023.
Till now Bank has mobilized Rs. 17.58 Crores in 5,653 MSSC beneficiary accounts.
Punjab National Bank
Punjab National Bank is another national bank that has officially rolled out the Mahila Samman Savings Certificate.
Mahila Samman Savings Certificates: Interest rate
The new scheme issued by the government of India, The Mahila Samman Savings Certificate (MSSC) for Women empowerment.
The MSSC is a 2 year deposit scheme that attracts an interest rate of 7.5% per annum.
So, if you are interested in this scheme it is available for 2 year period up to March 31, 2025.
Mahila Samman Savings Certificates: Eligibility
The government has issued this scheme for Women that are eligible to benefit and can open an account by her name or guardian in case of minor.
Mahila Samman Savings Certificates: Deposit amount
An account holder (single) is allowed to deposit a cumulative deposit of ₹200,000 either at one time or in a deposit with a minimum of ₹1000 in multiples of ₹100.
So, you are allowed to open multiple account but has to be a gap of minimum of 3 months between the existing accounts and the opening of another account.
Mahila Samman Savings Certificates: Withdrawal rules
So there can be partial withdrawal by the account holder of her guardian (in case of minor) up to 40% of the eligible balance after the completion of one year.
Mahila Samman Savings Certificates: Taxation rules
The taxation shall be compounded quarterly and credited to Mahila Samman Savings Certificate.
Earnings under the scheme of Mahila Samman Savings Certificate will be taxable as per the existing income tax provision.
However, Mahila Samman Savings Certificate will be exempted from TDS under the Scheme.
| Mahila Samman Savings Certificate (Banks) | Notification |
| Bank of India | Link |
| Central Bank of India | Link |
| Bank of Baroda | Link |
| Canara Bank | Link |
| Union Bank of India | Link |
| Punjab National Bank | Link |
FAQ: Mahila Samman Savings Certificate
Mahila samman saving certificate how to apply online
Ans –The Mahila Samman Savings Certificate scheme is has been made available at the banks candidates are requested to visit the banks and apply for the scheme.
Mahila samman saving scheme how to open
Ans –The Mahila Samman Savings Certificate is available for female candidates for financial inclusion among the Women. The list of the banks is given and one can visit the nearest branch to avail the offer.
Post office monthly income scheme
Ans – The scheme has been in operation since April 1, 2023 through the Department of Post.
Interested women investor can submit account opening form, KYC Document (Aadhaar and PAN card) , KYC form for new account holder, Pay-in-Slip along with deposit amount/cheque at nearest post office.
