Mahila Samman Savings Certificate Scheme (MSSC)

Over 14.83 lakh accounts have been opened with total deposits of Rs 8,630 crore under the Mahila Samman Savings Certificate Scheme (MSSC). This information was provided by the Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Lok Sabha on 31st July 2023 .

The Mahila Samman Savings Certificate Scheme (MSSC) is a flagship small saving scheme of the Ministry of Finance, launched by our Honorable Finance Minister for Women and Girls during the Budget speech FY 2023-2024 on February 1, 2023.

Salient features of the MSSC:

• Mahila Samman Savings Certificate Scheme accounts may be opened by women of any age group including the girl child with a minimum deposit of ₹1000/- and maximum deposit of ₹2 Lakhs for a period of two years up to March 2025.

• The MSSC account can be opened on or before 31st March 2023.

• The interest rate for MSSC is 7.5% p.a. which is compounded quarterly.

• The facility of partial withdrawal and premature closure on compassionate grounds are also available under this Scheme. 

• The Government of India has authorised the Department of Posts, all Public Sector Banks and four Private Sector Banks to operate MSSC.