What is Mahila Samman Saving Certificate?

Mahila Samman Saving Certificate: Recently, while announcing the budget 2023, the Finance Minister of India Nirmala Sitharaman made an announcement regarding Mahila Samman Saving Certificate. This announcement made everyone in the country curious about what this certificate actually is. Therefore, to enlighten you regarding this scheme, we are presenting this article today. Here, we will discuss all the key features of this scheme in a detailed yet comprehensive way. So, if you are also willing to know how, the women of India will be benefitted from Mahila Samman Saving Certificate, kindly go through the complete article.

Mahila Samman Saving Certificate

The first thing that you must know about MSSC is that it is a one-time scheme. Under this scheme, the women of India can make investments up to Rs. 2 Lakh. For this investment, you will get an interest of 7.5% on a monthly basis. The main benefit of this scheme is that the fixed rate of interest in it is much higher than a normal fixed deposit. So, the beneficiaries will get a good return from it. As of now, the Central Government has not revealed much about the Mahila Samman Saving Certificate Scheme but according to the reports, the scheme will be implemented across the country in April 2023.

Mahila Samman Saving Certificate

MSSC Scheme Quick Overview

Concerned TopicMahila Samman Saving Certificate
Type of SchemeOne-Time Small Savings Scheme
Beneficiaries of the SchemeWomen and Girl Children of India
Maximum Deposit2 Lakh
Fixed Rate of Interest7.5 %
Lock-in Period2 Years
Withdrawal OptionPartial Withdrawal
Launch Date1 February 2023
Launched ByNirmala Sitharaman (Finance Minister of India)
Implemented ByCentral Government of India
Date of ImplementationApril 2023
Availability Time of the SchemeTwo years i.e. up to March 2025

How is MSSC scheme better than other Small Saving Schemes?

With the announcement of the Mahila Samman Saving Certificate, one thing which is worth contemplating is how this scheme is better than the other Small Saving Schemes. The most simple answer to this question is that the fixed interest rate for MSSC is higher when we compare it with other small saving schemes. For a lock-in period of 2 years, the average fixed rate of interest for most small saving schemes is 6.8%. Whereas, Mahila Samman Saving Certificate offers you a fixed rate interest of 7.5% and provides you with a partial withdrawal option as well.

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However, there are two small saving schemes with a higher rate of interest which are the Sukanya Samriddhi Yojana (7.6%) and the Senior Citizen Savings Scheme (8%). The only difference between these two schemes and MSSC is that the lock-in period of these schemes is much longer and they require many eligibility conditions for you to fulfil. Hence, it is apparent that when it comes to small savings schemes for women, MSSC Scheme is a better option than any other small saving scheme.

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Mahila Samman Saving Certificate Eligibility Conditions

Since the Government has not revealed much about this scheme yet, we are not fully aware of all the eligibility conditions of the Mahila Samman Saving Certificate as of now. However, we are stating the basic eligibility conditions that are known to us regarding this scheme so far. As soon as the Government releases the details of eligibility conditions for the scheme, we will update it on our portal.

  • The deposits in the scheme will only be made in the name of a woman or a girl child.
  • The beneficiaries of the scheme must have a Bank Account in a bank which is approved by the Reserve Bank of India.

Mahila Samman Saving Certificate Benefits

The following is the list of all the benefits that the beneficiaries will get under the Mahila Samman Saving Certificate Schemes.

  • A fixed rate of interest of 7.5% for a lock-in period of two years.
  • A facility of Partial Withdrawal.
  • Better returns than the normal Bank Fixed Deposits.
  • Better rate of interest and shorter lock-in period than other Small Saving Schemes.

Important Links

Find Out More Information ThroughMinistry of Finance Official Portal
Follow For the Latest UpdatesBihar NEWS Homepage


How can I apply for Mahila Samman Saving Certificate?

The Central Government has not released any information regarding the application process for MSSC. However, it is likely that a separate portal will be made for beneficiaries to apply for the scheme.

When will the MSSC Scheme be implemented by the Central Government?

It is expected that the MSSC Scheme will also be implemented with other schemes announced during budget 2023 i.e. April 2023.

What is the maximum and minimum investment under this scheme?

The maximum investment the women of India can make in this scheme is Rs. 2 Lakh. The Government is yet to announce the details of the minimum investment for this scheme.

Will there be a penalty if I opt for Partial Withdrawal in this scheme?

The complete details regarding the system of Partial Withdrawal are not shared by the Government as of now. We will share the complete information about the process of Partial Withdrawal as soon as the Government provides any updates on it.

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