The savings scheme launched by the central government, especially for women, will soon close. The Mahila Samman Savings Certificate (MSSC) scheme, introduced in 2023, allows investments only until March 31, 2025. After April 1, new investments in this scheme will not be possible.

Finance Minister Nirmala Sitharaman announced this scheme in the budget on February 1, 2023. However, in this year’s budget, she did not announce any extension. As a result, the scheme will end on March 31 when banks and post offices close for the day.

7.5% Interest on the Mahila Samman Savings Certificate Scheme

The Mahila Samman Savings Certificate (MSSC) scheme offers a 7.5% interest rate. Currently, no other short-term savings scheme provides such high returns for women. This scheme has a maturity period of 2 years, and you can invest a maximum of ₹2 lakh in a lump sum. The minimum deposit amount is ₹1,000. You can open an MSSC account in any bank or post office.

Guaranteed Returns with MSSC

As the name suggests, only women can open an account under this scheme. However, if you are a man, you can open an account in the name of your wife, mother, daughter, or sister. Since this is a government-backed scheme, your investment is completely safe, and you will get a fixed and guaranteed return. Keep in mind that the last date to invest in this scheme is March 31, 2025. After this date, no new investments will be allowed.

Benefits of the Mahila Samman Savings Certificate Scheme

This is a government-backed scheme, making it a safe investment option.
It offers a high interest rate of 7.5% per annum, making it a great investment for women and girls.
The scheme has a short tenure of just 2 years.
It allows premature withdrawals under certain conditions.
It helps women and girls grow their savings and achieve financial independence.

How to Open a Mahila Samman Savings Certificate Account

Women and guardians of a girl child can open an MSSC account at post offices and selected banks.

Opening an MSSC Account at a Post Office

  • Download the Application for Purchasing the Certificate from the official India Post website or collect it from the nearest post office.
  • Fill in the post office address under the ‘To The Postmaster’ section.
  • Enter your name and select ‘Mahila Samman Savings Certificate’ as the account type.
  • Provide account details, payment details, and personal information.
  • Complete the declaration and nomination details.
  • Submit the form along with the required documents.
  • Deposit the amount through cash or cheque.
  • Receive the certificate as proof of your investment.

Opening an MSSC Account at a Bank

  1. Visit a bank that offers the Mahila Samman Savings Certificate scheme and collect the application form.
  2. Fill out the form with the required details.
  3. Provide the declaration and nomination details.
  4. Submit the form along with the necessary documents at the bank branch.
  5. Deposit the amount as required.
  6. Receive the certificate as proof of your investment.