Prime Minister Narendra Modi’s government launched the Mahila Samman Savings Certificate Scheme (MSSC) in 2023 to help women become self-reliant. On December 3, Union Minister of State for Finance, Shri Pankaj Chaudhary, mentioned in the Rajya Sabha that 43,30,121 accounts had been opened under this scheme by October 10, 2024. If you want to benefit from this government scheme, this information is important for you.
How to Open an MSSC Account
Under the MSSC, any woman can open her account. If the account holder is a minor, a family member or guardian can open an account on her behalf. The last date to open an account is March 31, 2025.
Key Features of the Scheme
Minimum deposit: Rs 1,000
Maximum deposit: Rs 2 lakh
Tenure: 2 years
Interest rate: 7.5% annually, credited every three months
How to Withdraw Money
You can withdraw your money after six months of opening the account. However, in cases such as the death of the account holder or an emergency, early withdrawal is allowed. Typically, after two years, the total amount along with interest is credited to the account.
How to Open an MSSC Account
Opening an MSSC account is easy. Visit a post office or select banks, fill out the account opening form, and submit documents such as an Aadhaar and PAN card. Note that this scheme is only available in selected banks, including Bank of Baroda, Canara Bank, Bank of India, PNB, and Union Bank of India.
Mahila Samman Saving Certificate – Partial Withdrawals
One of the benefits of this scheme is that it allows partial withdrawals after one year. However, the amount withdrawn is capped at 40% of the eligible balance. For example, if someone has deposited Rs 1 lakh in this scheme, she can withdraw Rs 40,000 after one year.
Mahila Samman Saving Certificate – Premature Closure of Account
This scheme generally does not allow premature closure of the account. However, there are some exceptions under certain circumstances:
- Death of the Account Holder
- Compassionate Grounds
In cases such as life-threatening diseases or the death of a guardian. - After Six Months
Withdrawals can be made after six months for any reason, but the interest rate will be reduced by 2%.
Documents Required
- Recent passport-size photograph (mandatory)
- PAN card (mandatory)
- Aadhaar card (mandatory)
- Passport (optional)
- Driving license (optional)
- Voter’s ID card (optional)
- Job card issued by NREGA, signed by a State Government officer (optional)
- Letter issued by the National Population Register containing details of name and address (optional)
Note: PAN and Aadhaar cards are mandatory. If the address on the Aadhaar card is different from the current address, the bank may accept any other OVDs (Officially Valid Documents) mentioned above along with the Aadhaar card.