Mahila Samman Savings Certificate (MSSC)

What is the Mahila Samman Savings Certificate?

Mahila Samman Savings Certificate (MSSC) is a small savings scheme announced by the Ministry of Finance in the Union Budget 2023-24 to encourage savings among women and girls. It was launched as a one-time deposit scheme available for a fixed two-year window between April 2023 and 31 March 2025, and was operated through India Post and a set of authorised public and private sector banks.

According to the Department of Posts, the scheme pays a fixed rate of 7.5% per annum, compounded quarterly and credited at maturity, on deposits ranging from a minimum of Rs 1,000 to a maximum of Rs 2 lakh per woman. The term of the certificate is two years from the date of deposit. Because the rate was locked in when the account was opened, it did not move with later revisions of small savings rates.

Key features

• Fixed 7.5% annual interest, compounded quarterly.
• Two-year maturity from the date of deposit.
• Deposit of Rs 1,000 to Rs 2 lakh, in multiples of Rs 100.
• Open to any woman, and to a guardian on behalf of a minor girl.
• A one-time scheme with a closed subscription window (April 2023 to March 2025).

Who is eligible for the Mahila Samman Savings Certificate?

You could open an account if:

• You are a woman opening the account in your own name, or
• You are a guardian opening the account for a minor girl.

There was no age limit and no income ceiling attached to the scheme. A single woman could hold more than one account, provided the total deposit across all her accounts did not exceed Rs 2 lakh and a gap of at least three months was kept between opening one account and the next.

You cannot apply now. The scheme is closed to fresh deposits. No woman can open a new Mahila Samman account after 31 March 2025, regardless of eligibility. Men were never eligible to open an account in their own name. If you missed the window, the scheme is not available, and you should look at other small savings options such as the National Savings Certificate, Public Provident Fund or a fixed deposit instead.

What documents were required?

How to apply for the Mahila Samman Savings Certificate

The subscription window is closed, so a new account can no longer be opened. For historical reference, and for anyone confirming how an existing account was set up, the process was as follows:

1. Visit the nearest post office or a branch of an authorised bank; such as State Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, Union Bank of India or Bank of India.
2. Collect and fill the Mahila Samman Savings Certificate account opening form (Form-I).
3. Attach KYC documents: Aadhaar and PAN — along with a passport-size photograph.
4. Deposit the amount by cash or cheque (minimum Rs 1,000, maximum Rs 2 lakh).
5. Collect the certificate/passbook showing the deposit, interest rate and maturity date.

If you already hold an account, you do not need to reapply. The account will run its two-year term and pay out the principal plus accrued interest on maturity.

How much do you get at maturity?

At the fixed rate of 7.5% compounded quarterly, a Rs 2 lakh deposit grows to approximately Rs 2,32,044 at the end of two years. Smaller deposits earn proportionately, the rate is the same regardless of the amount. Interest is not paid monthly; it accumulates and is paid when the certificate matures, or on the balance at the time of closure.

A partial withdrawal of up to 40% of the balance is allowed after one year. Premature closure is allowed on the death of the account holder, and in limited compassionate circumstances (such as a life-threatening illness of the holder), in which case a reduced rate of interest applies. Closing an account after six months without any reason is also permitted at a rate reduced by two percentage points.

Help and where to check

• India Post customer care: 1800 266 6868
• Account holders can visit the post office or bank branch where the account was opened for balance, maturity and closure queries.

The Mahila Samman Savings Certificate does not offer a tax deduction on the deposit, and the interest is taxable in the depositor's hands. There is no fee to maintain the account, and no agent can charge you for a scheme that is now closed to new deposits.