New Delhi: The newest small savings programme, Mahila Samman Saving Certificate (MSSC) 2023 accounts, can now be opened in 12 public sector banks and 4 private sector institutions. The programme, which was exclusively accessible through post offices, was unveiled in the Union Budget this year.  


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One can apply for a Mahila Samman Savings Certificate, 2023, in all public sector institutions as well as ICICI Bank, Axis Bank, HDFC Bank Ltd, and IDBI Bank, per a recent notification from the Finance Ministry. 


"The Central Government hereby specifies that all public sector banks, as well as ICICI Bank, Axis Bank, HDFC Bank Ltd, and IDBI Bank, shall be authorised to operate the Scheme namely, Mahila Samman Savings Certificate, 2023 with effect from the date of publication of this notification in the Official Gazette." 


Mahila Samman Saving Certificate


To encourage more women to invest, the Centre established the Mahila Samman Savings Certificate, a one-time savings programme for women, in the Budget 2023. The programme was revealed as part of the Budget 2023 to honour "Azadi ka Amrit Mahotsav." 


Mahila Samman Saving Certificate: Scheme Details 


The favourable fixed interest rate of 7.5% is offered by the two-year tenure plan. The scheme offers flexible partial withdrawal and investment choices with a 2 lakh rupee cap. 


Mahila Samman Saving Certificate: Interest Rates


7.5% interest per year is being offered by the Centre. The interest will be credited to the account on a quarterly basis and compounded.  


Mahila Samman Saving Certificate: Eligibility


The Centre has stated that a woman may apply for herself or on behalf of a minor girl's guardian to open an account under the MSSC scheme.  


Mahila Samman Saving Certificate: Documents Needed


Investors can make an investment in the scheme by going to their local post office or one of the selected banks with a copy of their PAN cards, an Aadhaar card and a cheque for the deposit amount.


Mahila Samman Saving Certificate: Investment Limits


The minimum and maximum investment amounts per fiscal year are 1,000 and 2 lakh rupees, respectively. The scheme also permits early withdrawal with certain minimal penalty charges after one year.