Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate is a government-backed savings scheme exclusively for women and girls, offering a guaranteed 7.5% interest per year compounded quarterly. You can invest between ₹1,000 and ₹2,00,000 for a 2-year period at any post office or eligible bank. Visit your nearest post office or designated bank branch to open an account with a simple form and identity proof.
About This Scheme
The Mahila Samman Savings Certificate is a government-backed savings scheme exclusively for women and girls, offering a guaranteed 7.5% interest per year compounded quarterly. You can invest between ₹1,000 and ₹2,00,000 for a 2-year period at any post office or eligible bank. Visit your nearest post office or designated bank branch to open an account with a simple form and identity proof.
Full official description
The scheme “Mahila Samman Savings Certificate” was launched by the Department of Economic Affairs, Ministry of Finance to provide financial security to every girl and woman in India. The Department of Economic Affairs, Ministry of Finance, through an e-gazette notification issued on June 27, 2023, permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalize this scheme. This aims at enabling enhanced access to the scheme for girls/women. With this, 'Mahila Samman Savings Certificate' scheme will now be available for subscription in Post Offices, and eligible Scheduled Banks. The scheme has been in operation since April 1, 2023, through the Department of Post and is valid for a two-year period upto 31st March 2025. Key Features of the Scheme:
- Provides attractive and secured investment options to all girls and women.
- An account can be opened under this scheme on or before March 31, 2025 for a tenure of two years.
- The deposit made under MSSC will bear interest at the rate of 7.5% per annum which will be compounded quarterly.
- Minimum of ₹1,000/- and any sum in multiple of 100 may be deposited within the maximum limit of ₹2,00,000/-.
- The maturity of the investment under this scheme is two years from the date of opening of the account under the scheme.
- It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The account holder is eligible to withdraw a maximum of up to 40% of the eligible balance in the scheme account.
Benefits
- 7.5% interest per annum, compounded quarterly — guaranteed by the Government
- Invest between ₹1,000 and ₹2,00,000 (in multiples of ₹100)
- 2-year fixed tenure with full maturity payout
- Flexible partial withdrawal: up to 40% of balance allowed after completing 1 year
- Available at post offices and eligible scheduled banks nationwide
Who Can Apply (Eligibility)
- Must be an Indian citizen (women and girls only)
- No upper age limit — women of all ages can apply
- A guardian can open an account on behalf of a minor girl
- Each account is single-holder type only
- Multiple accounts allowed, but a 3-month gap required between opening consecutive accounts
- Maximum combined deposit of ₹2,00,000 across all accounts held
How to Apply
Application process:
Step 01: The applicant can visit the nearest Post Office Branch or a designated bank. Step 02: Collect the applicant form or download it from the official website. Step 03: Fill out the application form and attach all the required documents. Step 04: Fill out the declaration and nomination details. Step 05: Submit the application form with the initial amount of investment/deposit. Step 06: Receive the certificate that serves as proof of investment in the ‘Mahila Samman Savings Certificate’ scheme. Note: An application for opening an account under this Scheme shall be made by a woman for herself, or by the guardian on behalf of a minor girl on or before March 31, 2025.
Premature closure of account:
- The account shall not be closed before maturity except in the following cases, namely:-
- on the death of the account holder;
- where the post office or the Bank concerned is satisfied, in cases of 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, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the account.
- Where an account is prematurely closed under sub-paragraph 1, interest on principal amount shall be payable at the rate applicable to the Scheme for which the account has been held.
- Premature closure of an account may be permitted, any time after the completion of six months from the date of opening of an Account, for any reason other than provided under sub-paragraph 1, and in which case the balance as stood from time to time in the account shall be eligible only for the interest rate less by 2% than the rate specified in this Scheme.
- In calculating the maturity value, any amount in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose; any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.
Frequently Asked Questions
What is the 'Mahila Samman Savings Certificate' scheme?
It is a small savings scheme introduced by the Government of India for women with a maturity period of two years. A woman or guardian of a girl child can open this account and deposit a maximum amount of [?]2 lakhs.
What is the interest rate of the Mahila Samman Savings Certificate?
The interest rate is 7.5% p.a., credited quarterly and paid at the time of closure of the account.
Who can open an account under the scheme?
- A woman for herself.
- A guardian on behalf of a minor girl.
What is the benefit of the scheme?
Women will get a 7.5% interest p.a. for the one-time deposit made by them at the end of two years.
Where to open under the scheme?
Applicants can open an account through their nearest Post Office Branch or Bank.
When is the investment period for this scheme?
The scheme is available for investment for a duration of two years, starting from April 1, 2023, to March 31, 2025.
What is the minimum and maximum investment allowed?
The minimum investment amount for this scheme is [?]1000/-, while the maximum deposit in a single account is capped at [?]2 lakhs.
When does the maturity of the account occur?
After two years from the date of opening, the eligible balance will be paid to the depositor.
Can the Mahila Samman Savings Certificate be closed prematurely?
Yes, investors can close the account before two years in certain situations, including after six months of opening without providing any reason. In such a case, an interest rate is less by two percent. Other situations for premature closure include the death of the account holder or extreme compassionate grounds.
How does the withdrawal process work?
40% of the eligible balance can be withdrawn after one year from the date of account opening.
Under what circumstances can pre-mature closure occur?
The account shall not be closed before maturity except in the following cases, namely:-
- on the death of the account holder;
- where the post office or the Bank concerned is satisfied, in cases of 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, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the account.
Ready to apply?
Visit the official government portal to apply for this scheme.
Apply on myScheme.gov.inDocuments Required
- Passport size photograph
- Proof of age, i.e. Birth Certificate
- Aadhaar Card
- PAN Card
- Pay-in-Slip along with deposit amount or cheque
- The following documents are accepted as valid documents for the purpose of identification and address proof:
- a. Passport
- b. Driving license
- c. Voter’s ID card
- d. Job card issued by NREGA signed by the State Government officer
- e. Letter issued by the National Population Register containing details of name and address