The Mahila Samman Savings Certificate Scheme (MSSC) has gained considerable traction, with a total of 43.3 lakh accounts opened by October 31.
Launched in March 2023 to commemorate the ‘Azadi Ka Amrit Mahotsav’, the scheme is exclusively designed for women and minor girls. It aims to promote financial independence while furthering the government’s goals of financial inclusion.
Union Minister of State for Finance, Pankaj Chaudhary, provided this update in a written reply to a question in the Rajya Sabha on December 3. He highlighted the importance of the scheme in helping women secure financial autonomy by offering an attractive interest rate.
The accounts under the scheme can be opened by a woman for herself or by a guardian on behalf of a minor girl. The deadline for opening an account is set for March 31, 2025.
The Mahila Samman Savings Certificate Scheme offers a minimum deposit requirement of ₹1,000 and allows a maximum deposit of ₹2 Lakhs, with a tenure of two years. The interest rate on the scheme is 7.5% per annum, compounded quarterly and credited to the account, making it a favorable option for women to grow their savings.
Additionally, the scheme provides the option of partial withdrawal and the possibility of premature closure under compassionate grounds. (DD NEWS)