Mahila Samman Savings Certificate: Is It Better than FD?
“Mahila Samman Savings Certificate” was designed by the Department of Economic Affairs, Ministry of Finance, to secure the future of girls and women in India. The notification was issued on June 27, 2023, enabling all public sector banks and eligible private sector banks to start the scheme. It is available in post offices and eligible scheduled banks and has been in operation since April 1, 2023, with validity till March 31, 2025.
Is it better than FD?
The Mahila Samman Savings Certificate (MSSC) scheme offers competitive interest rates as compared to most FDs. If you are someone who is looking to park your money for two years, then you should consider the MSSC scheme. This is a limited-time opportunity, as the scheme will no longer be available for subscription after 31st March unless the date is further extended by the government.
Features of Mahila Samman Savings Certificate
1. Attractive returns: The scheme offers a fixed 7.5% annual interest, which is compounded quarterly. The interest rate offered by MSSC is higher as compared to other scheme options.
2. Secured investment: The scheme is backed by the government, which makes it a safe option for investment.
3. Validity: The initiative is available till March 31, 2025, and an account can be created before the validity ends.
4. Tenure: The duration of this scheme is a two-year period from the date of opening of the account under MSSC.
5. Withdrawal option: The account holder is allowed to withdraw up to 40% of the amount after one year from the account opening date.
6. Investment Limit: The minimum amount that can be invested under this scheme is Rs. 1000, in multiples of Rs. 100, and the maximum limit is Rs. 2,00,000.
Benefits of Mahila Samman Savings Certificate
- The scheme offers an attractive return of 7.5%, which is higher compared to other schemes.
- It allows partial withdrawal after one year from the opening date of the account.
- The scheme is a secure option that covers all girls and women.
Eligibility Criteria of Mahila Samman Savings Certificate
- The scheme is only meant for women and girls having Indian citizenship.
- For girls under 18 years, a minor account can be opened by the guardian.
- Women of all ages can apply for the scheme, as there is no upper age limit.
Documents Required for Mahila Samman Savings Certificate
1. Passport-size photograph.
2. Aadhaar card.
3. Birth certificate.
4. PAN Card.
5. Pay-in slip along with deposit amount or cheque.
6. Proof of address.
Application Process for Mahila Samman Savings Certificate
Step 1: The applicant can get access to the form from the official website or can collect it from the nearest post office or a designated bank
Step 2: Fill out the application form along with declaration and nominee details and attach the required documents.
Step 3: Submit the form and deposit the initial amount of investment
Step 4: Get the certificate, which is proof of investment made in the Mahila Samman Savings Certificate scheme.
