Mahila Samman Scheme: The Government of India has launched the Mahila Samman Savings Certificate (MSSC) Scheme 2023, especially for women and girls. The main aim of this scheme is to encourage savings among women by offering safe and guaranteed returns at a higher interest rate compared to regular savings accounts.
Interest Rate and Tenure
Under this scheme, women investors are offered an attractive 7.5% annual interest rate. The maturity period is 2 years, meaning the invested amount along with the interest is paid back after 24 months.
This scheme is considered risk-free as it is backed by the Government of India and available through post offices and authorized banks.
Returns on Different Investment Amounts
Here’s how much return you can expect on different investment amounts after 2 years:
- ₹50,000 investment → Total maturity amount ₹58,011 (Interest earned ₹8,011)
- ₹1,00,000 investment → Total maturity amount ₹1,16,022 (Interest earned ₹16,022)
- ₹1,50,000 investment → Total maturity amount ₹1,74,033 (Interest earned ₹24,033)
- ₹2,00,000 investment (maximum limit) → Total maturity amount ₹2,32,044 (Interest earned ₹32,044)
This clearly shows that the scheme offers better and guaranteed growth of money compared to many other short-term savings options.
How to Open an Account?
Women who wish to invest in the Mahila Samman Savings Certificate can open an account at any post office or authorized bank. Girls below 18 years can also be included, but in that case, their parents or guardians need to open the account on their behalf.
To open an account, you need to fill Form-1 and submit basic documents like Aadhar card, PAN card, and passport-size photographs.
Withdrawal Rules
- After 1 year, up to 40% of the deposited amount can be withdrawn.
- In case of serious illness or death of the account holder, the account can be closed after 6 months, but the reduced interest rate of 5.5% will be applicable.
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