Important Indian Schemes · Savings & Women

Mahila Samman Savings Certificate (MSSC)

A one-time small-savings scheme designed to encourage savings among women and girls.

Announced Budget 2023-24 · Available via Post Offices & banks · Limited-period scheme
Announced
Budget 2023-24
Interest
7.5% p.a.
Max Deposit
₹2 lakh
Tenure
2 years

Overview

The Mahila Samman Savings Certificate (MSSC) is a one-time small-savings scheme announced in the Union Budget 2023-24 to promote a savings culture among women and girls. It offers an attractive fixed interest rate with a flexible partial-withdrawal facility, and can be opened in the name of a woman or by a guardian on behalf of a minor girl, through post offices and eligible banks during the scheme window.

Key Objectives

  • Encourage a savings habit among women and girls
  • Provide a safe, government-backed savings instrument for women
  • Offer an attractive fixed return with partial-withdrawal flexibility
  • Promote financial inclusion and security for women

Salient Features

The certificate offers a fixed interest rate of 7.5% per annum (compounded quarterly), with a maximum deposit limit of ₹2 lakh and a fixed tenure of two years. It allows a partial withdrawal of up to 40% of the eligible balance after one year. The account can be opened at post offices and authorised banks during the availability window specified by the government.

Key Facts at a Glance

Announced Union Budget 2023-24
Interest Rate 7.5% per annum (compounded quarterly)
Maximum Deposit ₹2 lakh
Tenure 2 years (fixed)
Partial Withdrawal Up to 40% after one year
Where to Open Post offices & authorised banks
EXAM FOCUS  Remember it was announced in Budget 2023-24, offers 7.5% interest, has a ₹2 lakh deposit limit, a 2-year tenure, and allows 40% partial withdrawal after one year.

Practice Questions

Five multiple-choice questions for revision

1. The Mahila Samman Savings Certificate was announced in which budget?
a)Budget 2021-22
b)Budget 2022-23
c)Budget 2023-24
d)Budget 2024-25
2. The interest rate offered under MSSC is:
a)6.5%
b)7.0%
c)7.5%
d)8.0%
3. The maximum deposit limit under MSSC is:
a)₹1 lakh
b)₹1.5 lakh
c)₹2 lakh
d)₹5 lakh
4. The tenure of the Mahila Samman Savings Certificate is:
a)1 year
b)2 years
c)3 years
d)5 years
5. MSSC accounts can be opened by:
a)Only banks
b)Women / guardians of minor girls
c)Only men
d)Only senior citizens
Answer Key
1. (c) Budget 2023-242. (c) 7.5%3. (c) ₹2 lakh4. (b) 2 years5. (b) Women / guardians of minor girls