In a bid to empower women financially, the central government has introduced many schemes. Among them, the Mahila Samman Savings Certificate (MSSC) stands out as one of the most prominent schemes. The initiative, spearheaded by Finance Minister Nirmala Sitharaman in last year’s budget, offers a 7.5 per cent interest rate on a two-year deposit scheme.
However, those interested in investing will need to act quickly, as the scheme will only be available until March 2025.
How MSSC can benefit women
To avail the MSSC scheme, women need to have an individual account with the post office. They can visit any post office in the country to open the MSSC account. In case of minors, guardians can open accounts on their behalf. While setting up the account, women need to provide KYC documents such as an Aadhaar card, PAN card and a recent photograph.
The plan matures in two years, but allows partial withdrawals after one year. In case of emergency, you can withdraw up to 40 percent of the deposited amount after one year.
For example, if you have deposited Rs 2 lakh, you can withdraw Rs 80,000 after one year upon providing proof of emergency.
What are the benefits of the MSSC plan?
An investment of Rs 50,000 in the scheme will yield Rs 8,011 in interest over two years, amounting to a total of Rs 58,011 at maturity. While if you invest Rs 1 lakh, you will receive Rs 16,022 at maturity.
For a deposit of Rs 1.5 lakh, you will get Rs 24,033 as interest, taking the maturity to Rs 1,74,033. If you use the maximum investment limit of Rs 2 lakh, you will get Rs 32,044 as interest, taking the total maturity amount to Rs 2,32,044.
Who is eligible for the MSSC program?
- The applicant must be an Indian citizen.
- This plan is for women and girls only.
- Any woman can apply, regardless of her age.
- A guardian can open an account for a minor (someone under the age of 18)
- There is no maximum age limit, so women of all ages can benefit from this plan.
How to apply for the Mahila Samman Savings Certificate?
Step 1. Go to the nearest post office or designated bank.
Step 2. Obtain the application form (or download it from the official website).
Step 3. Complete the form and attach all necessary documents along with the declaration and nomination details.
Step 5. Submit the form with the initial investment amount.
Step 6. Obtain a certificate proving that you have invested in the plan.
What documents are required to apply for the plan?
Here is a list of all the documents required to obtain benefits:
- 2 passport-sized photographs
- Proof of age (birth certificate)
- Aadhaar Card
- PAN Card
- Payment receipt with deposit amount or check
- Passport
- Driving license
- Voter ID card
- NREGA issued job card (signed by a state government official)
- Letter from the National Population Registry with details of name and address
How long do I have to get benefits? Is there a deadline to apply?
From now on, applicants can apply for the scheme until March 2025, a period that was previously extended by the government. This initiative has been in operation since April 1, 2023.
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