Mahila Samman Savings Certificate (MSSC) 2023: Earlier this year, the Modi government released the notification of Mahila Samman Savings Certificate (MSSC) 2023 on (March 31, 2023). Under this scheme, women and girls get a fixed interest of 7.5 per cent on investing up to Rs 2 lakh for a period of two years. If you also want to invest in this scheme then read to know more. Mahila Samman Savings Certificate scheme is being run by the Post Office and banks. The interest rate is one of the highest interest rate in any government schemes for two years.
Union Finance Minister Nirmala Sitharaman, while presenting the General Budget 2023, had announced this scheme for women. This is a one-time deposit scheme which is for the women of the country. This scheme was started from 1st April, 2023. There is a facility to invest a minimum of Rs 1000 and a maximum of Rs 2 lakh in this scheme. In this, after two years the entire money including deposit amount and interest is received. Investments in this scheme can be made only till 31 March 2025.
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The interest in Mahila Samman Savings Certificate Scheme is 7.5 per cent per annum. If we look at it accordingly, if you invest Rs 1 lakh in this scheme, you will get around Rs 1.16 lakh at the time of maturity at the interest rate of 7.5 per cent. Whereas if you have invested Rs 2 lakh, then after 2 years at 7.5 per cent interest rate, you will get around Rs 2.32 lakh. That means a maximum interest of Rs 32,044 can be earned.
If a woman wants to invest in MSSC then she can open an account in post office or authorized banks. This scheme is available in 1.59 lakh post offices across the country. The special thing is that women of any age can invest in it. If the child is a minor then parents can open an account in her name. While opening an account, you will have to fill Form-1. Also, KYC documents like Aadhar card, PAN card and photograph will be necessary.
You can withdraw the amount by depositing Form-2 at the time of maturity. If you want to withdraw money from the account before the maturity period, then you get this facility after 1 year. In this scenario, you can withdraw up to Rs 40,000 by submitting Form-3.
According to a notification issued by the Finance Ministry on April 5, 2023, investments made under this scheme are not exempted under Section 80C of the Income Tax Act. Tax will have to be paid for the interest earned on this.
According to the notification, the application for opening an account under Mahila Samman Savings Certificate Scheme can be made by the woman herself or by the guardian on behalf of the minor girl. Only women can open accounts under this scheme.
Know more
Any number of MSSC accounts can be opened by a woman or by a guardian in the name of a minor girl, with a maximum limit of Rs 2 lakh. The minimum amount required to open an MSSC account is Rs 1000. The government has notified 7.5 per cent interest on the amount deposited in MSSC account. Interest will be compounded on quarterly basis and credited to the account. Apart from this, it has been said in the notification that the deposit will mature on completion of two years from the date of deposit.
Forms under MSSC Scheme
• Account Opening: Form 1
• Maturity Payment: Form 2
• Withdrawal: Form 3
It is worth noting that you can open MSSC account in post office and authorized banks. The last date for opening MSSC account is 31 March 2025.
