Categories: Current AffairsSchemes

Mahila Samman Savings Certificate: Empowering Women Financially

As of 31st October 2024, the Mahila Samman Savings Certificate (MSSC) scheme has achieved a significant milestone with over 43 lakh accounts opened. Launched on 31st March 2023 by the Government of India to commemorate the ‘Azadi ka Amrit Mahotsav’, the scheme aims to provide financial security to women and minor girls, empowering them with a safe and attractive investment option. This initiative is part of the broader goal of enhancing financial inclusion and supporting the financial independence of women across the nation.

Key Features of the Scheme

Eligibility: Women or guardians of minor girls can open accounts.

Deposit Limits: A minimum of ₹1,000 and a maximum of ₹2 lakh.

Interest Rate: 7.5% per annum, compounded quarterly.

Tenure: Fixed for two years.

Flexibility: Partial withdrawals (up to 40% of the balance) and premature closure on compassionate grounds.

Application Process

Step-by-Step: Visit any Post Office or designated bank, complete the form, attach required documents, and submit the initial deposit to open an account. The account holder receives a certificate as proof of investment.

Premature Closure Conditions

Allowed in Specific Cases: The account can be prematurely closed on compassionate grounds such as medical emergencies or the death of the account holder.

Interest Adjustment: If the account is closed prematurely after six months, the interest rate will be reduced by 2%.

Summery of the news

Why in News	Key Points
Mahila Samman Savings Certificate Scheme (MSSC)	Launched on 31st March 2023 to promote financial independence for women and minor girls, part of ‘Azadi ka Amrit Mahotsav’.
Accounts Opened	43,30,121 accounts opened under MSSC till 31st October 2024.
Interest Rate	7.5% per annum, compounded quarterly.
Deposit Limits	Minimum: ₹1,000; Maximum: ₹2 lakh.
Tenure	Fixed for two years.
Premature Closure Conditions	Allowed in case of medical emergencies or death of the account holder. Interest reduced by 2% if closed after 6 months.
Partial Withdrawal	Up to 40% of the eligible balance can be withdrawn.
Application Process	Accounts can be opened in Post Offices or designated banks before 31st March 2025.
Eligibility	Account can be opened by a woman for herself or by a guardian for a minor girl.
Scheme Objective	Promote financial security and independence of women and minor girls.