Mahila Samman Savings Certificate: Who is eligible for MSSC? Check interest rates, last date to apply, rules & more

The Mahila Samman Savings Certificate (MSSC) is a small savings initiative which aims to boost financial security and savings habits among Indian women and girls. Launched by the Department of Economic Affairs in 2023, the scheme is a government-backed investment option for women with a fixed tenure of two years.

Who can invest in MSSC?

Under the MSSC scheme, any woman can open an account. For minor girls, parents or guardians can open an account on their behalf.

What is the age limit to apply for MSSC?

The government has not specified any age limit or restrictions for opening an MSSC account. The scheme is only for women and girls aiming to promote the habit of saving.

How much interest rate does MSSC offer?

Currently, the scheme provides an interest rate of 7.5% per annum, which is compounded quarterly.

When is the last date to apply for the scheme?

The last date to invest in the Mahila Samman Savings Certificate is March 31, 2025.

Where to apply for MSSC?

The government has authorised post offices or any scheduled bank under the MSSC scheme. These channels can be used to avail the benefits of the scheme.

What is the minimum and maximum deposit amount?

Under MSSC, deposits can be made from ₹1,000 to ₹2 lakh per account, aiming to cater to women from varied economic backgrounds.

Can MSSC deposits be withdrawn? What are the withdrawal rules?

MSSC has a fixed tenure of two years; however, premature withdrawal of up to 40% is permitted after one year.

Can the MSSC account be closed before two years?

Premature closure of the MSSC account can be done under the following circumstances.

• If the account holder wants to close the account without any specific reason, an interest rate of 5.5% per annum, instead of the mandated 7.5% rate, will be applicable if the account is closed after six months of opening it.
• In case of the death of the account holder, the principal amount with accrued interest will be given to the nominee or legal heir.
• The account may be closed early over compassionate grounds such as illness or death of the guardian, if the account is opened on behalf of a minor. In such cases, necessary documents must be submitted for verification and the account holder will be paid interest on the principal amount.