- In the Union Budget 2023-34, the Government announced the Mahila Samman Savings Certificate (MSSC), a new small-savings scheme for women.
- An account under this scheme can be opened by a woman for herself or by the guardian on behalf of a minor girl child.
Minimum and Maximum Limit
- An individual may open an unlimited number of accounts, subject to the maximum deposit limit, and three months shall be maintained between the existing account and the opening of another account.
- A minimum of Rs 1000 and any sum in multiples of Rs 100 can be deposited in an account with maximum limit of Rs 2 lakh, with no additional deposits permitted.
Interest on MSSC
- The interest rate on deposits made under this program is 7.5% per year.
- Interest is calculated quarterly and credited to the account.
- Partial withdrawal upto 40% of eligible balance can be availed after the expiry of one year from the date of opening of the account.
- The account will mature after 2 years from the date of opening.
- Premature closure of the account may be permitted, any time after the completion of 6 months from the date of opening of the account for any reason and in such cases interest payable shall be two percent less than the rate specified for the scheme i.e. 5.5%.
Why in News?
- Over 18 lakh accounts to the tune of over 11 thousand crore rupees have been opened under Mahila Samman Savings Certificate 2023 across the country.