(THE GIST OF PIB) Mahila Samman Savings Certificate

(April-2023)

Mahila Samman Savings Certificate

• The Prime Minister has urged women to enrol for Mahila Samman Saving Certificate (MSSC). 

About MSSC

• In February 2023, the Union Budget announced the Mahila Samman Savings Certificate (MSSC), a new small-savings scheme for women and was launched for investments from April 1, 2023.

Minimum and Maximum Limit

• An individual may open an unlimited number of accounts, subject to the maximum deposit limit, and a three-month period must elapse between the one account and the opening of another.
• A minimum of Rs 1000 and any sum in multiples of Rs 100 can be deposited in an account with maximum limit of Rs 2 lakh, with no additional deposits permitted.

Interest on MSSC

• The interest rate on deposits made under this Program is 7.5% per year. 
• Interest is calculated quarterly and credited to the account. 

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Courtesy: PIB