The Government of India has introduced many small saving schemes to help Indians to grow their money safely. One such scheme is the Mahila Samman Saving Certificate (MSSC). It was specially launched to support women and girl children in building financial security with safe returns. In this blog, we have provided all the details about the Mahila Samman Saving Certificate Scheme along with its features, objectives, benefits of the scheme, and more.
What is the Mahila Samman Saving Certificate?
The Mahila Samman Saving Certificate is a short-term savings scheme released in the Union Budget 2023. It is a government-backed scheme, which means your money is safe, and it gives an attractive fixed interest rate of 7.5% per annum. This scheme was only for women and girls and can be opened in post offices and eligible banks across India.
When was the scheme launched?
The scheme became available from 1st April 2023. Initially, it was offered only through the Post Office, but later the government allowed Public Sector Banks and eligible Private Banks to provide it too. The scheme was valid until 31st March 2025.
Mahila Samman Saving Certificate (MSSC) Overview
The Mahila Samman Saving Certificate (MSSC) is a government-backed small savings scheme introduced in April 2023 to encourage financial security and independence among women and girl children. The detailed overview of the scheme is provided in the table below:
| Feature | Details |
| Scheme Name | Mahila Samman Saving Certificate (MSSC) |
| Launch Date | 1st April 2023 |
| Validity | Till 31st March 2025 |
| Target Group | Exclusively for women and girl children |
| Deposit Amount | Minimum ₹1,000; Maximum ₹2,00,000 (in multiples of ₹100) |
| Tenure | 2 years |
| Interest Rate | 7.5% per annum, compounded quarterly |
| Withdrawal Option | Up to 40% of the balance allowed after 1 year |
| Premature Closure | Allowed after 6 months (with lower interest) |
| Availability | Post Offices, Public Sector Banks, and eligible Private Banks |
| Safety | Fully backed by the Government of India |
Who can open an account under this scheme?
A person follows the below mentioned details were only eligible to open an account under the Mahila Samman Saving Certificate Scheme.
- Any woman or girl child can open an account.
- A guardian can open an account for a minor girl child.
- There is no upper age limit for women to join the scheme.
- Only single-holder type accounts are allowed (joint accounts are not permitted).
How much can you deposit under the MSSC scheme?
The scheme is provided for small and medium savings.
- Minimum deposit: ₹1,000
- Maximum deposit: ₹2,00,000
- Deposits must be made in multiples of ₹100.
- One person can open multiple accounts, but a 3-month gap must be kept between opening two accounts. The combined deposits across all accounts cannot exceed ₹2,00,000.
What is the interest rate of the MSSC scheme?
The Mahila Samman Saving Certificate offers 7.5% interest per year, which is compounded quarterly. This makes it a better option compared to many regular savings accounts and even some fixed deposits.
What is the maturity period?
The account under this scheme matures in 2 years from the date of opening. At the end of 2 years, parson can withdraw the full balance along with the interest earned.
Can you withdraw money before maturity?
Yes, the scheme offers flexibility:
- You can withdraw up to 40% of your balance after 1 year from the date of opening.
- In case of an account opened for a minor girl, the guardian can request withdrawal on her behalf.
- Premature closure is also allowed after 6 months, but the interest paid will be lower.
What happens on maturity of the Mahila Samman Saving Certificate Scheme?
Once your account completes 2 years, the full balance (principal + interest) is given back to account holder. The maturity value is rounded off to the nearest rupee.
What are the main objectives of the MSSC scheme?
The government launched this scheme with a few key objectives:
- To encourage savings among women and girls.
- To provide a safe investment option with guaranteed returns.
- To support financial independence of women in India.
- To promote the habit of small savings in families.
What are the benefits of the Mahila Samman Saving Certificate?
The details of the benefits under the MSSC scheme are as follows:
- Exclusively for women and girls – ensuring targeted financial support.
- High fixed interest of 7.5% compared to normal savings accounts.
- Safe investment as it is fully backed by the Government of India.
- Short-term maturity of only 2 years.
- Flexibility in deposits and partial withdrawal.
- Easy availability at Post Offices and Banks across India.
How is this scheme different from other savings schemes?
Unlike long-term options like PPF or Sukanya Samriddhi Yojana, MSSC is short-term (2 years) with higher liquidity. It has a smaller maximum deposit limit (₹2 lakh) but provides better flexibility for women looking for quick and safe returns.
Questions asked in Bank, SSC exams based on MSSC scheme
Q1. Who is eligible to open a Mahila Samman Saving Certificate account?
A) Only men
B) Only women and girl children
C) NRIs
D) Any citizen
Answer: B
Q2. What is the minimum deposit amount in MSSC?
A) ₹500
B) ₹1,000
C) ₹5,000
D) ₹2,000
Answer: B
Q3. What is the maximum deposit limit under MSSC?
A) ₹1,00,000
B) ₹5,00,000
C) ₹2,00,000
D) ₹10,00,000
Answer: C
Q4. What is the tenure of MSSC?
A) 5 years
B) 3 years
C) 2 years
D) 1 year
Answer: C
Q5. What is the interest rate offered by MSSC?
A) 6%
B) 7%
C) 7.5%
D) 8%
Answer: C
Q6. From when was MSSC available?
A) January 2023
B) April 2023
C) March 2024
D) December 2022
Answer: B
Q7. Where can you open an MSSC account?
A) Only banks
B) Only post offices
C) Post offices and eligible banks
D) Only cooperative societies
Answer: C
Q8. How much can be withdrawn after 1 year?
A) 20% of balance
B) 30% of balance
C) 40% of balance
D) 50% of balance
Answer: C
Q9. Can multiple accounts be opened under MSSC?
A) No
B) Yes, without limit
C) Yes, but with a 3-month gap
D) Yes, but only for minors
Answer: C
Q10. When does the scheme end?
A) 31st March 2024
B) 31st December 2024
C) 31st March 2025
D) 31st March 2023
Answer: C
- Swachh Bharat Abhiyan in Railways, Know the Key Initiatives
- How to Score 25+ in Quant Section for RBI & SEBI Grade A 2025
- Senior Citizen Saving Scheme Features, Objectives and Benefits
- Unplanned Level Crossings in Railways, Check their Elimination
- Disaster Management in Indian Railways, Know the Measures
- Mahatma Gandhi National Rural Employment Guarantee Act MGNREGA
Hi, I’m Aditi. I work as a Content Writer at Oliveboard, where I have been simplifying exam-related content for the past 4 years. I create clear and easy-to-understand guides for JAIIB, CAIIB, and UGC exams. My work includes breaking down notifications, admit cards, and exam updates, as well as preparing study plans and subject-wise strategies.
My goal is to support working professionals in managing their exam preparation alongside a full-time job and to help them achieve career growth in the banking sector.