Note that the Mahila Samman Savings Certificate is a one-time scheme available for two years, from April 2023-March 2025. The scheme has been in operation since April 1, 2023 through the Department of Post.
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Through an e-gazette announcement published on June 27, 2023, the Department of Economic Affairs, Ministry of Finance, authorised all Public Sector Banks and qualified Private Sector Banks to adopt and operationalize the Mahila Samman Savings Certificate, 2023. Apart from India Post, only few banks offer Mahila Samman Savings certificate. Those include Bank of Baroda, Canara Bank, Bank of India, PNB, and Union Bank of India.
Deposit limits:
- Minimum Rs.1000/- and maximum Rs.200000/-
- The deposit amount must be in multiples of Rs.100/-
- Only one deposit is allowed in one account.
There is no cap on number of accounts for a single depositor subject to condition that the cumulative amount in all the accounts under this scheme shall not exceed ₹200000/-
A time gap of 3 months to be maintained between opening of two accounts under this scheme for the same customer.
Interest
- The scheme has a rate of interest 7.5% per annum.
- The interest shall be compounded quarterly and credited to the account.
- The eligible interest shall be paid at the time of closure/pre-closure/partial withdrawal of the account.
Bank of Baroda
Bank of Baroda has announced the launch of the Mahila Samman Savings Certificate (MSSC) Scheme, a new initiative by the Government for women.
Canara Bank
Canara Bank has rolled out Mahila Samman Savings Certificate, 2023 scheme across India
Bank of India
Bank of India is the first public sector bank to launch the Mahila Samman Savings Certificate, 2023.
Punjab National Bank
PNB is another public sector bank that has rolled out the Mahila Samman Certificate for investors, as per the bank’s website.
Union Bank of India
Union Bank of India officially introduces Mahila Samman Saving Certificate (MSSC), 2023 Scheme across its branches PAN India on 30th June, 2023.
Pre-mature Closure
According to the Bank of Baroda website, “Pre-mature closure is permitted in the following cases, namely:
On the death of the account holder.
- Medical support in case of life-threatening disease of the account holder.
- Death of the guardian resulting in undue hardship in operation or continuation of the account.
- For the above categories of pre-closures, interest on principal amount shall be payable at the prescribed rate of interest for the scheme.”
