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.

MSSC Scheme Quick Overview

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.

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