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Mahila Samman Savings Certificate (MSSC)

News: A Mahila Samman Savings Certificate (MSSC) account was recently created by the Union Minister for Women and Child Development and Minority Affairs.

In honour of “Azadi Ka Amrit Mahotsav,” the Mahila Samman Savings Certificate Scheme was introduced in the 2023–24 Union Budget.

For women, it is a one-time savings plan.

The goal is to increase women’s investment participation to give them more influence.

It represents a huge advancement in the financial inclusion and female empowerment.

The appealing interest rate for the two-year tenure plan is 7.5% compounded quarterly.

With a maximum limit of Rs. two lakh, it would provide flexible investment and partial withdrawal choices.

The programme is in effect for a two-year term ending on March 31, 2025.

From April 1, 2023, the programme will be accessible at all 1.59 lakh post offices.

With a minimum investment of Rs. 1,000 or any other sum in multiples of Rs. 100, one may begin investing in this scheme.

One may open multiple accounts under this plan, however the total investment amount may not exceed Rs 2 lakh.

Additionally, there should be a three-month gap between the opening dates of each new account and the previous account for each one that is opened.

Only women are eligible to participate in the programme.

Any woman over the age of 18 may invest on her own in this programme.

When a female is a juvenile, her guardian can open the account on her behalf.