Learn about Mahila Samman Savings Certificate (MSSC) and how to invest

The central government announced Mahila Samman Savings Certificate, a one-time savings program for women, in Budget 2023. The program will be effective until March 2025 with the goal of boosting women's involvement in investments. A fixed interest rate is provided on deposits up to Rs 2,00,000 in the name of women or girls, with a maximum deposit period of two years.

Process to start a Mahila Samman Savings Certificate

There are two basic ways to initiate a Mahila Samman Savings Certificate: through a bank or at a post office near you. Although both methods are generally uncomplicated, the exact steps may show slight differences depending on the organization you choose.

Commencing the application for a Mahila Samman Savings Certificate at a post office

Visit the post office near you: You have the option to open the certificate at any post office across India.

Complete the application form: The post office will provide you with an application form for the Mahila Samman Savings Certificate. Enter your details, including your name, address, PAN number and desired investment amount.

Submit the necessary form and documents: Along with the application form, submit the KYC documents, such as Aadhaar card and PAN card. In addition, proof of address may be required.

Make a deposit: Once your application is authorized, continue with the deposit procedure. Payment in cash can be made at the post office.

Get your certificate: Once your deposit is finalized, you will receive a Mahila Samman Savings Certificate. Keep this certificate safe as it acts as evidence of your investment.

Commencing the application for a Mahila Samman Savings Certificate at a post bank

Visit your bank branch: You can choose to open the certificate at any branch of the bank that is part of the program. Notable banks that provide this scheme are State Bank of India, Bank of Baroda, Canara Bank, and Central Bank of India. The Ministry of Finance website has a detailed list of banks that are participating.

Complete the application form: The bank will provide you with an application form for the Mahila Samman Savings Certificate. You will be asked to provide your personal information, including your name, address and PAN number, as well as the amount you intend to invest.

Submit the necessary form and documents: Besides the application form, you are required to provide KYC documents such as Aadhaar card and PAN card. Evidence of residence may also need to be provided

Complete your deposit: After your application is approved, it's time to make your deposit. This can be accomplished through cash, check, or online transfer.

Get your certificate: After your deposit is processed, you will be issued a Mahila Samman Savings Certificate. This certificate serves as proof of your investment, and it is important to keep it stored securely.

Banks that offer Mahila Samman Savings Certificate

The Ministry of Finance's Department of Economic Affairs has given approval for both public and private sector banks to implement the Mahila Samman Savings Certificates Program, as announced in the Electronic Gazette on June 27, 2023. The following is a list of banks that are eligible to participate in this program as planned.

Punjab National Bank

Union Bank of India

Bank of India

Bank of Baroda

Canara Bank

Central Bank of India

Documents required to open a Mahila Samman Savings Certificate Account:

Duly filled out application form: Complete all required fields accurately and ensure all necessary information is provided.

KYC form for new account holders: Fill out the KYC form

• Proof of identity (i.e. KYC document):
• Aadhaar card
• Voter ID card
• Driving licence
• PAN card
• Pay-in-slip with the deposit amount/cheque

The Mahila Samman Savings Certificate plays a crucial role in encouraging financial inclusion and empowering women. Encouraging women and girls to save and invest is crucial in building a financially stable future for everyone.

FAQs

Q. What is the benefit of Mahila samman savings certificate?

A. The Mahila Samman Saving Certificate 2023, announced by the Union Finance Minister, offers a fixed interest rate of 7.5% p.a. for two years. It has minimum deposit of Rs. 1,000 and maximum of Rs. 2 lakh. Opening available at post offices and listed banks with no TDS on interest.

Q. Is mahila samman yojana tax free?

A. Even though the Mahila Samman Savings Certificate is not tax-free, you still don't have to pay any tax on it. Under this scheme, TDS is not deducted from the interest received till the total interest amount exceeds Rs. 40,000 in normal cases and Rs. 50,000 for senior citizens.

Q. Can I open multiple mahila samman savings certificate?

A. Note a woman/guardian of the girl child can open a second Mahila Samman Savings Certificate account after at least 3 months from opening the existing MSSC account. The maturity period of this savings scheme is 2 years.

Q. Is mahila samman a one-time investment?

A. The Mahila Samman Savings Certificate is a one-time savings scheme for women announced by the central government in budget 2023. The scheme is valid till March 2025 and aims to empower women by increasing their participation in investments