Mahila Samman Savings Certificate Scheme In 2023

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Mahila Samman Savings Certificate Scheme In 2023 – To encourage long-term savings for the country’s citizens, the government announces various schemes from time to time. The government mainly uses small savings schemes as one of the investment tools for long-term investment, keeping in mind the financial solvency of lower-class women. As Public Provident Fund (PPF), Senior Citizen Small Savings Scheme (SCSS), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana (SSY) are some of the popular options for investing under small savings schemes.

Mahila Samman Savings Certificate Scheme is a retail investment scheme for women mentioned in the recently released Government of India Budget. This scheme is mainly launched to financially empower India’s small and lower-class women. Let’s discuss in detail this Mahila Samman Savings Certificate Scheme launched by the Government of India for women –

What is Mahila Samman Savings Certificate Scheme?

India’s Finance Minister Nirmala Sitharaman announced this one-time small savings scheme for women called “Mahila Samman Savings Certificate Scheme” in the 2023 budget speech of the Government of India, which will be valid for a period of two years till March 2025.

The finance minister said it would facilitate women in the country to deposit up to a maximum of Rs 2 lakh. Mahila Samman Savings Certificate Scheme Name of women or girls for a total of 2 years at a fixed interest rate of 7.5 percent with a partial withdrawal option.

Mahila Samman Savings Certificate (MSCC) Scheme Overview

Scheme NameMahila Samman Savings Certificate (MSCC)
Another Name Mahila Samman Bachat Patra Yojana
Founded By Government Of India
Date of Announced1 February 2023 (Annual Budget Of Govt Of India)
BeneficiariesIndia’s All Women & Girls
ObjectiveFinancial Freedom For Women
Minimum & Maximum DepositMinimum 1000/- & Maximum 2 Lac Rupees
Rate Of Interest7.5% Annually
Maturity2 Years
Scheme Starting Date01.04.2023
Scheme End Date31.03.2025
MSCC Application Form Form I Download Link
Mahila Samman Savings Certificate Scheme Overview

Who can open under Mahila Samman Savings Certificate (MSCC) Scheme?

A woman can open these savings account on her own under Mahila Samman Savings Certificate Scheme, or a girl’s guardian can do it on her behalf. Before March 31, 2025, women investors must fill out Form I.

Required Documents For Mahila Samman Savings Certificate (MSCC) Scheme

The following documents are required to open Mahila Samman Savings Certificate Scheme –

  • Account Opening FORM – I
  • Photocopy Of Aadhaar Card
  • Photocopy Of PAN card
  • 2 Coloured Passport Size Photographs
  • Active Phone Number
  • Income Certificate
  • Residence Certificate
  • Caste Certificate
  • The Bank or Post Office Account Passbook
  • Email ID

What is the Deposit Limit?

The minimum investment amount in Mahila Samman Savings Certificate Scheme is Rs.1000 and any amount in multiples of Rs.100 can be kept in a money account where no further deposits are allowed. The maximum investment allowed under this Mahila Samman Savings Certificate Scheme is Rs.2 lakh.

What is the Interest rate?

Your deposits through this Mahila Samman Savings Certificate Scheme program will earn interest at the rate of 7.5% per annum. This Mahila Samman Savings Certificate Scheme account will be credited with interest compounded quarterly.

Mahila Samman Yojana Bank Lists

Government BankPrivate Bank
State Bank Of IndiaKotak Mahindra Bank Ltd
UCO BankAxis Bank Limited
Union Bank Of IndiaCSB Bank Limited
Bank Of IndiaBandhan Bank Limited
Bank Of BarodaCity Union Bank Limited
Canara BankDCB Bank Limited
Bank Of MaharashtraDhanaLakshmi Bank Limited
Central Bank Of IndiaFederal Bank Limited
Indian BankHDFC Bank Limited
Indian Overseas BankICICI Bank Limited
Punjab National BankIndusInd Bank Ltd
Punjab & Sind BankIDFC First Bank Ltd
Post OfficeJammu & Kashmir Bank Ltd
Karnataka Bank Ltd
South Indian Bank Ltd
YES Bank Ltd
IDBI Bank Ltd
RBL Bank Ltd
Tamilnad Mercantile Bank Ltd
Nainital Bank Ltd
Karur Vysya Bank Ltd

Withdrawal rules

Under this Mahila Samman Savings Certificate Scheme, the account holder can withdraw up to 40% of his total savings after the first year from the date of account opening but before the maturity of the account by filling out a Form-3 application.

How to get payment on the Maturity of the account?

Under Mahila Samman Savings Certificate Scheme, the deposit matures two years after the date of deposit. At this time, the account holder can request the remaining funds by filling out a Form-2 application at the account office. For calculating the maturity value, every fraction of a rupee that is not exactly one rupee shall be rounded off to the nearest rupee. Every amount of fifty paise or more is counted as one rupee in this calculation; Any amount less than fifty paise is not taken into consideration.

Premature closure of the account

Termination of the Mahila Samman Saving Certificate Scheme before maturity is prohibited. This can only be done on certain occasions. For example, if the woman to be accounted for dies. Management of accounts is difficult due to the critical illness or the death of a guardian in the case of a minor. The matter should be reported in writing.

If a woman terminates the scheme before maturity, she will get interest only on the total amount for that period. At the same time, the account can be closed before maturity after at least 6 months under the conditions mentioned above, but in such cases, the interest rate will be reduced by 2 percent.


The interest rate of Mahila samman savings certificate is 7.5%.

You can visit your nearest post office or bank to collect account opening Forms for Mahila samman saving certificate scheme.

Yes. Mahila samman saving certificate interest is taxable.

Mahila samman saving certificate does not have any tax benefit from the income tax act of India.

The maximum amount of Mahila samman Bachat Patra is 2 lac.

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