- In February 2023, the Union Budget announced the Mahila Samman Savings Certificate (MSSC), a new small-savings scheme for women and was launched for investments from April 1, 2023.
Minimum and Maximum Limit
- An individual may open an unlimited number of accounts, subject to the maximum deposit limit, and a three-month period must elapse between the one account and the opening of another.
- 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.
Why in News?
- The Prime Minister has urged women to enrol for Mahila Samman Saving Certificate (MSSC).