The Mahila Samman Saving Certificate
(MSSC), 2023 is a one-time small savings scheme for women with a two-year
maturity introduced by the Government of India. This account can be opened by a
woman or the guardian of a girl child with a maximum deposit of Rs. 2 lakh.
They will receive annual interest of 7.5% on the amount deposited.
The Finance Minister, Smt. Nirmala
Sitharaman, announced the program in the Budget 2023-24. It is a
government-guaranteed scheme, which means that the Government of India
guarantees both the interest and principal.
The MSSC can be opened at any
authorized post office or bank that sells small savings schemes. The
application form for the program can be downloaded from the Department of Posts
website or the bank's website.
Interest on the MSSC is distributed
semiannually as dividends. Dividends are determined using the simple interest
method. The MSSC's interest rate is 7.5% per year, compounded semiannually.
The MSSC may only be redeemed at
maturity. However, premature withdrawal is permitted one year after the date of
issuance, with a penalty. The calculation of the penalty is as follows:
- In the first year, 1% of the amount withdrawn is deducted.
- For the second year: 2% of the withdrawal amount.
- For the third year, 3 percent of the amount withdrawn is deducted.
The MSSC is an excellent investment
option for women seeking a secure investment with a guaranteed return. The MSSC
has a higher interest rate than other small savings plans, including the NSC
and the PPF.
Here are some of the most important
characteristics of the Mahila Samman Saving Certificate (MSSC) for 2023:
- · It is a one-time plan for small savings for women.
- · Maximum investment amount is 2 lakh rupees.
- · The annual interest rate is 7.5% compounded semiannually.
- · Interest is paid semi-annually.
- · The investment scheme is only available for two years.
- · The scheme is redeemable only upon maturation.
- After one year from the date of issuance, premature withdrawal is permitted with a fee.
