MSSC: The Government of India has introduced a dedicated initiative known as the Mahila Samman Saving Certificate (MSSC) to ensure that women’s savings are both secure and rewarding. This scheme became operational on April 1, 2023, and can be accessed through the State Bank of India (SBI), the largest bank in the country. Participants in this program are guaranteed an interest rate of 7.5% on their deposits. The MSSC is specifically crafted to enhance women’s financial independence while providing attractive returns on their savings.
By opening an account under the Mahila Samman Saving Certificate scheme, individuals can benefit from a competitive interest rate of 7.5%. The scheme has a maturity period of two years, offering a rate that surpasses that of standard two-year fixed deposits from most banks, with only small finance banks providing similar rates. This initiative presents an excellent opportunity for women to achieve better returns through a secure investment avenue.
Investments can begin with a minimum deposit of Rs 1,000, with a maximum limit set at Rs 2 lakh. The scheme matures in two years, but if funds are needed earlier, up to 40% of the deposited amount can be withdrawn after one year. For instance, if an individual invests Rs 2 lakh, the total amount upon maturity will be Rs 2,32,044, which includes an interest gain of Rs 32,044, calculated at the annual interest rate of 7.5%.
The opportunity to invest in the Mahila Samman Savings Certificate Scheme is available until March 31, 2025, after which new investments will no longer be accepted starting April 1, 2025. This initiative aims to motivate women to save and invest wisely. Interested individuals are encouraged to take advantage of this scheme before the deadline. The Mahila Samman Savings Certificate can be opened at post offices and eligible scheduled banks.
To initiate the process of opening a Mahila Samman Savings Certificate at a bank, follow these steps:
Obtain the ‘Mahila Samman Savings Certificate Application Form’ either by downloading it from the official website of the relevant bank or by visiting the bank to request a printed version. Now Ensure that the form is filled out entirely with accurate information. After this Provide the necessary declaration and nomination information within the form. Submit the completed application form, along with the required documents and deposit amount, to the bank representative. Upon finalizing the application process, you will be issued a certificate confirming your investment in this scheme.
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