Mahila Samman Savings Certificate 2023
Recently, the Central Government has made the Mahila Samman Savings Certificate (MSSC) available in the post office.
Ministry of Finance has released an official notification for MSSC, 2023. It has been made available in 1.59 lakh post offices with immediate effect.
The scheme was announced in the Union Budget for 2023-24. It aims to promote financial inclusion and empower women including girls.
Salient Features of the Scheme-
- Mahila Samman Savings Certificate (MSSC) will be made available for 2 years till March 2025. Under this, a fixed quarterly compound interest rate of 7.5 percent will be provided.
- MSSC account holders can withdraw up to a maximum of 40 percent of the eligible balance in one go after the expiry of one year from the date of account opening but before the maturity of the account.
- The minimum amount to be invested under this is Rs 1,000 and any amount in multiples of 100 can be invested. The maximum investment limit in this is Rs 2 lakh.
- Small Savings Schemes (SSS) are government managed savings instruments that encourage citizens for save regularly.
- SSS includes- Post Office Savings Account, Kisan Vikas Patra, Public Provident Fund, Sukanya Samriddhi Account etc.
- The money raised through these schemes goes to the National Small Savings Fund (NSSF).
- The formula for determining the interest rate for SSS was given by Shyamala Gopinath Committee.
Source – Economics Times
