Mahila Samman Yojana 2023- Mahila Samman Savings Certificate, Mahila Samman Bachat Patra Yojana

Mahila Samman Bachat Patra Yojana, Mahila Samman Savings Certificate Yojana, Mahila Samman Yojana, MSSC– Online Registration, where to open account, calculator in excel and much more.

Mahila Samman Yojana is the newly introduced National Savings Scheme of Goverment of India. The Financial Minister Nirmala Sitharaman announced this scheme in the Budget 2023 on first February.

This scheme is available for women and girls only. If you are a female than Mahila Samman Scheme is most powerful savings scheme for you.

Check here Mahila Samman Yojana or Mahila Samman Savings Certificate scheme (MSSC) in detail.

Mahila Samman Yojana (महिला सम्मान योजना क्या है?)

After successful implementation of Sukanya Samriddhi Yojana, a new and fresh Savings Scheme is introduced by the Government of India named Mahila Samman Yojana.

It is also known as various name such as Mahila Samman Bachat Patra, Mahila Samman Savings Certifcate Scheme, Mahila Samman scheme, महिला सम्मान योजना, etc.

The Finance Ministry has issued a Gazette notification on dated 31th March 2023 regarding introduction of of this new Mahila Samman Savings Certificate 2023. Check here official Gazette notification.

Silent Features of Mahila Samman Savings Scheme 2023

Here you will find a list of all basic and advance silent features of Mahila Samman Yojana.

• An individual girl or woman can open a MSSC account in any post office and authorized bank in India.
• This MSSC account can only be opened on or before 31.03.2025.
• A Guardian can also open this account on behalf of minor Girl account.

Mahila Samman Bachat Patra Yojana Interest Rate

Mahila Samman saving certificate Yojana offers a fixed interest rate of 7.5 percent per annum.

The interest will be compounded on quarterly basis and directly credited to Mahila Samman saving certificate Yojana account.

Due to it’s higher interest rate i.e. 7.5%, this scheme is now most popular in India. Every female wants to open Mahila Samman Savings account as soon as possible.

Mahila Samman Yojana Interest Rate Table 2023

Find the below image of Mahila Samman Yojana Interest Rate Table. This table shows total interest for 2 year and Maturity amount of MSSC Scheme.

Mahila Samman Bachat Patra Yojana Total Investment Amount

Mahila Samman Bachat Patra Savings Scheme allows to deposit a minimum of one thousand rupees and sum in multiple of one hundred rupees.

Subsequent money deposit is not allowed. Account holder can deposit a total of maximum limit of 2 lakh deposit in one MSSC Account or her all MSSC accounts.

A woman or girl may open a lot of numbers Mahila Samman Yojana accounts under this MSSC scheme but the maximum money deposit limit is only Rs. 2 Lakh for all accounts.

Second MSSC account can only be opened after three month gap from previous existing MSSC account.

Any woman and girl who is the citizen of India can invest a total of 2 lakh rupees for a period of two year under Mahila Samman Saving Patra Scheme.

More than 2 Lakh rupees can not be allowed to deposit in Mahila Samman Account.

Mahila Samman Savings Account Yojana Maturity Period

MSSC scheme has a two year maturity period. After completion of 2 years maturity amount including interest rate will be payable to account holder.

Mahila Samman Savings Certificate Calculator

Invested Money- 2,00,000/-

Interest Rate- 7.5% (Quarterly Compounding)

Maturity Amount-

invested money- 2,00,000/-

interest rate- 7.5% (Quarterly compounding)

First Quarter for 1st year- 200000×7.5%x3/12= 3750/-

Second Quarter for 1st year- 203750×7.5%x3/12= 3820/-

Third Quarter for 1st year- 207570×7.5%x3/12= 3892/-

Forth Quarter for 1st year- 211462×7.5%x3/12= 3965/-

First Quarter for 2nd year- 215427×7.5%x3/12= 4039/-

Second Quarter for 2nd year- 219466×7.5%x3/12= 4115/-

Third Quarter for 2nd year- 223581×7.5%x3/12= 4192/-

Fourth Quarter for 2nd year- 227773×7.5%x3/12= 4271/-

Maturity amount after two year= 227773+4271= 232044/-

Total Maturity Amount – 2,32,044/-

If invested money is less then 2 Lakh then please use below MSSA calculator to calculate the maturity amount.

Premature Closure of MSSC Account

The Government allows premature closure of Mahila Samman Yojana account. Partial money withdraw is also allowed.

MSSC account can be closed at any time after six month with 2% reduced interest rate i.e. 5.5%

The basis rules of withdraw of money from MSSC account are as under-

• 40% money withdraw is allowed after one year from the date of opening of account.
• Customer has to submit an application in prescribed format. In case of minor girl account, her guardian can submit the application for withdraw the money.
• MSSC account can’t be closed before maturity period i.e. 2 years.
• Premature closure is only allowed in below conditions-
  1. On the death of account holder.
  2. In Extreme compassionate grounds such as medical support in life-threatening diseases of the Account holder or death of the guardian, that the operation or continuation of the Account is causing undue hardship to the Account holder.
• Premature closure in above listed conditions is allowed after six months from the opening date.

Mahila Samman Yojana (Savings Certificate) Authorized Bank

MSSC account can be opened at any post office across India as well as MSSC authorized banks.

Check the below table to know Mahila Samman Savings Certificate Authorized Bank list.

Note: The Government of India still not revelated the list of authorized bank for Mahila Samman Bachat Patra Yojana. Whenever, authorized bank list for Mahila Samman Yojana released by the India Government, will be updated here as soon as possible.

How to open MSSC Account at Post Office in 2023: Step-by-step Guide

All Head Post Office, Sub Post Office, and Branch Post Office are authorized to open MSSC account.

Mahila Samman Yojana Account opening is now live in all post offices w.e.f. 3rd April 2023.

Follow the below procedure to open Mahila Samman Savings Certificate Yojana Account at post office.

• Visit your nearest post office. Find your nearest post office by address from here.
• Fill the MSSC Account Opening Form and KYC Form along with photocopies of KYC documents i.e. Pan Card, Addhar card, Passport Size Photograph. etc.
• The post office will check documents and MSSC Account opening form provided by you.
• If application form and KYC from are dully filled, Counter staff will open MSSC account into system in few minutes.
• After successfully opening of Mahila Samman Yojana Account (Mahila Samman Savings Certificate Account) you will get post office MSSC passbook.
• This passbook is the documentary proof which contains all the details regarding your MSSC account. i.e. MSSC account number, CIF number, Deposited amount, account opening date, maturity date, etc.
• Keep this Mahila Samman Yojana Passbook safe.

How to fill MSSC Account Opening form

Watch the below video where filling of MSSC account opening form is explained in detail.

Is Mahila Samman Savings Certificate Tax Free Scheme?

No, Mahila Samman Savings Certificate Yojana does not cover rebate under 80C of Income tax. It mean interest earned in Mahila Samman Yojana is taxable.

These is no doubt that Mahila Samman Bachat Patra Yojana is the best savings scheme for girls and women but this scheme is totally taxable.

Mahila Samman Savings Certificate How to Apply Online

Right now, online account opening under MSSC scheme is not available. It may be possible in future, you can apply online for Mahila Samman Saving certificate yojana.

Important Documents and links related to MSSC Scheme

Find the list of all important documents related to Mahila Samman Savings Certificate Scheme (MSSC Scheme)

1. MSSC Account Opening Form
2. MSSC Calculator
3. KYC Form
4. Gazette Notification

FAQs