MAHILA SAMMAN SAVINGS CERTIFICATE (MSSC), Eligibily, Benefit & How to Apply
The Mahila Samman Savings Certificate (MSSC) is a special savings scheme started by the Department of Economic Affairs, Ministry of Finance. It is made for women and girls in India to give them financial safety and savings options.
On June 27, 2023, the government announced (through an e-gazette notification) that all Public Sector Banks and selected Private Sector Banks can also run this scheme. Earlier, it was only available in Post Offices.
Now, women and girls can open an account in Post Offices and Scheduled Banks.
This scheme started from April 1, 2023 and will remain available for two years, up to March 31, 2025.
Main Features of the Scheme
This scheme gives a safe and attractive investment option to women and girls.
Account can be opened till March 31, 2025 for a 2-year period.
The interest rate is 7.5% per year, and it is compounded every 3 months.
Minimum deposit: ₹1,000 (in multiples of ₹100).
Maximum deposit: ₹2,00,000.
The account will mature in 2 years from the date of opening.
Account holders can withdraw up to 40% of the balance before maturity (after 1 year).
Benefits
Safe and reliable savings option only for women and girls.
Fixed 7.5% interest per year, calculated quarterly.
Flexible savings with option of partial withdrawal.
Maximum investment limit: ₹2,00,000.
Money doubles safely within the 2-year period.
(Note: If account rules are broken, then the interest will be paid at the lower rate of a normal Post Office Savings Account.)
Eligibility
Only Indian citizens can apply.
The scheme is for women and girl children only.
Any individual woman can open an account.
For minor girls, guardian can open the account.
No upper age limit – women of all ages can apply.
(Note: Only single-holder accounts are allowed, no joint accounts.)
Deposits
A woman can open more than one account, but there must be a 3-month gap between two accounts.
Minimum deposit: ₹1,000 (in multiples of ₹100).
Maximum deposit: ₹2,00,000 (total across all accounts of one person).
No additional deposits are allowed once the account is opened.
Payment on Maturity
After 2 years, the account matures, and the full balance (principal + interest) is paid.
Amounts are rounded off to the nearest rupee (50 paisa or more = 1 rupee, less than 50 paisa = ignored).
Withdrawal Rules
Allowed only once, after 1 year but before maturity.
Maximum withdrawal limit: 40% of balance.
For minor girls, guardian can apply for withdrawal.
Withdrawal amount is also rounded to nearest rupee.
Application Process (Offline)
Visit the nearest Post Office or designated bank.
Collect the application form (or download from official website).
Fill the form and attach required documents.
Add declaration and nominee details.
Submit the form with the initial deposit/cheque.
Receive the certificate, which is proof of investment.
(Note: Application must be submitted by the woman herself or by guardian for a minor girl before March 31, 2025.)
Premature Closure of Account
Normally, the account cannot be closed before 2 years. But exceptions are:
Death of account holder.
In serious cases (like life-threatening illness or death of guardian). Bank/Post Office may allow closure with proper documents.
If closed for personal reasons after 6 months, interest will be paid but 2% less than the scheme rate.
Final amount will be rounded to the nearest rupee.
Documents Required
Passport size photograph.
Proof of age (Birth Certificate).
Aadhaar Card.
PAN Card.
Pay-in-slip with deposit amount or cheque.
Any one ID & address proof:
Passport
Driving License
Voter ID card
NREGA Job card (signed by State Govt. officer)
Letter from National Population Register (with name & address)
✅ In short, the Mahila Samman Savings Certificate is a 2-year small savings scheme for women and girls, with 7.5% interest, flexible withdrawals, and maximum deposit of ₹2 lakh.
Frequently Asked Questions (FAQ)
Q1. What is the ‘Mahila Samman Savings Certificate’ scheme?
It is a special savings scheme started by the Government of India only for women and girl children. The scheme has a maturity period of two years. A woman or the guardian of a girl child can open the account. The maximum deposit allowed is ₹2,00,000.
Q2. What is the interest rate of the Mahila Samman Savings Certificate?
The scheme gives a 7.5% annual interest rate, which is compounded every three months.
Q3. Who can open an account under the scheme?
- Any woman of any age can open an account.
- For a minor girl, her guardian can open the account on her behalf.
- Only Indian citizens are eligible.
Q4. What is the benefit of the scheme?
The scheme provides:
- A safe and guaranteed return on investment.
- Fixed 7.5% interest per year.
- Partial withdrawal option of up to 40% after one year.
- Financial security and support for women and girls.
Q5. Where can one open an account under the scheme?
Accounts can be opened at:
- Post Offices
- Scheduled Banks (Public Sector & selected Private Banks)
Q6. When is the investment period for this scheme?
The scheme is available from April 1, 2023 to March 31, 2025.
Q7. What is the minimum and maximum investment allowed?
- Minimum deposit: ₹1,000 (in multiples of ₹100).
- Maximum deposit: ₹2,00,000.
Q8. When does the maturity of the account occur?
The account matures after 2 years from the date of opening. At that time, the woman or guardian can withdraw the full balance with interest.
Q9. Can the Mahila Samman Savings Certificate be closed prematurely?
Normally, the account cannot be closed before maturity. However, in special cases, it can be closed early.
Q10. How does the withdrawal process work?
- The account holder can withdraw up to 40% of the balance.
- Withdrawal is allowed only once, after 1 year but before maturity.
- For minor girls, the guardian can request withdrawal on their behalf.
Q11. Under what circumstances can premature closure occur?
The account may be closed early in the following situations:
- Death of the account holder.
- In cases of serious illness or death of the guardian, causing hardship.
- After 6 months of account opening, for personal reasons – but in this case, the interest paid will be 2% less than the normal scheme rate.