New Delhi :
The government has expanded the accessibility of small savings schemes by allowing the opening of Mahila Samman Savings Certificate (MSSC) accounts in select private sector banks.
As per the notification issued by the Finance Ministry, individuals can now invest in the Mahila Samman Savings Certificate through public sector banks, as well as certain private sector banks including ICICI Bank, Axis Bank, HDFC Bank, and IDBI Bank.
This move aligns the MSSC scheme with other small savings schemes such as PPF and SSY, which are already available in private sector banks.
Government Notification and Bank Requirements
The Finance Ministry’s notification instructs banks to have the necessary software for managing Mahila Samman Savings Certificate accounts.
It also emphasizes the need for dedicated software functions for each scheme.
Banks are expected to provide both online and branch-based services, ensuring comprehensive core banking solutions for the MSSC scheme.
Understanding Mahila Samman Savings Certificate (MSCC), 2023
The Mahila Samman Savings Certificate Scheme was introduced in the 2023-24 budget as part of the ‘Amrit Mahotsav of Independence’ celebrations. Its objective is to empower women, including girls, by improving their financial status.
Minimum and Maximum Investment Limits
Investors can start their MSSC account with a minimum investment of Rs 1,000 and in multiples of Rs 100 thereafter. The maximum investment allowed per account is Rs 2 lakh.
If an individual already holds an MSSC account and wishes to open another, a gap of at least 3 months is required between the two accounts.
After one year of account opening, account holders can withdraw up to 40% of the invested amount.
Attractive Interest Rates
The Mahila Samman Savings Certificate offers an annual interest rate of 7.5%, which is credited to the account quarterly. Both the interest and the principal amount are available upon maturity.
Returns on a Rs 2 Lakh Investment over 2 Years
Investing Rs 2 lakh in the Mahila Samman Savings Certificate for a duration of 2 years would yield a maturity amount of Rs 2.32 lakh. This scheme functions similarly to a fixed deposit, providing attractive returns to investors.
