New Delhi: The Mahila Samman Savings Certificate Scheme, launched on April 1, 2023, has turned out to be a big hit among the female community of the country. Union Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that the women-oriented small savings scheme has drawn 4.33 million depositors across the country, with Maharashtra at the top.
The MoS said that his government started the Mahila Samman scheme to promote the financial independence of women in the country by allowing an attractive rate of interest. The minister said the maximum number of Mahila Samman Savings Certificate Scheme beneficiaries were from Maharashtra as 7,46,223 accounts have been opened in the state so far.
Mahila Samman Savings Certificate: A Phenomenal Success
Tamil Nadu followed with 5,47,675 Mahila Samman accounts
Odisha secured the third spot with 4,16,989 accounts
Karnataka was ranked fourth (2,93,007 accounts)
Uttar Pradesh secured the fifth place with 2,69,532 beneficiaries
West Bengal was at the sixth spot with 2,54,777 accounts
Rajasthan at seventh position 2,22,169
With 2,11,016 Mahila Samma accounts, Andhra Pradesh at eighth position
Gujarat ranked ninth with 1,55,267 beneficiaries
Himachal Pradesh ranked 10th with 1,43,704 accounts
Key Features and Benefits of the MSSC Scheme
Mahila Samman Savings Certificate accounts can be opened by women including the girl child with a minimum deposit of Rs 1,000 and a maximum deposit of Rs 2 lakh for a period of 2 years. The government has fixed the interest rate for MSSC at 7.5 per cent, per annum which is compounded quarterly.
The small savings scheme allows partial withdrawal and premature closure on compassionate grounds. It may be noted that the Mahila Samman Scheme account can be opened for a 2-year period up to March 2025. Any applicant wishing to open the account has to submit an application on or before March 31, 2025. The account can be opened at the Post Office, all public sector banks and four private sector banks.
A guardian can open an account for a minor account can also be opened by the guardian. The government has not fixed any upper age limit and women of all ages can avail the benefits of this scheme.
Mahila Samman Savings Certificate (MSSC) scheme has turned out to be massively popular across the country as it has garnered an impressive 4.33 million depositors in India. Maharashtra leads with the highest number of accounts, followed by Tamil Nadu and Odisha. Mahila Samman scheme offers a 7.5% annual interest rate compounded quarterly. The scheme allows for partial withdrawals and premature closure under compassionate grounds. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
