Mahila Samman Savings Certificate Scheme – Interest, Eligibility, Deposits, Maturity, Withdrawals and More

Mahila Samman Savings Certificate Scheme (MSSC): This is a scheme that has been designed to enable females to gain economic independence and achieve maximum income. The eligibility criteria, types of deposits, interest rates applicable to them, the procedure for withdrawal or premature closure as well as the maturity period along with the necessary documentation required for opening an account under Mahila Samman Saving Certificates Scheme will be discussed here. We hope that after reading this post you will have understood everything about Mahila Samman Savings Certificates.

Quick Summary of Mahila Samman Savings Certificate

This table gives a brief idea of the eligibility criteria, rates of interest, investment options and other details of the scheme. This short summary will assist you in comprehending Mahila Samman Savings Certificates better.

Feature Details
Who Can Apply Open to all women, including minors
Interest Rate Attractive rate of 7.50%
Minimum Deposit Start with just Rs 1,000
Maximum Deposit Rs 2 lakh across all accounts
Duration Fixed maturity period of 2 years
Deposits Allows deposits from Rs 1000 upwards, max. Rs 2 lakh
Interest Offers annual interest rate of 7.5%, compounded quarterly
Withdrawal Allows withdrawal of 40% of eligible balance after 1 year
Pre-mature Closure Permits closure after 6 months (5.5% interest), death of account holder, or on extreme compassionate grounds
Maturity Matures in 2 years; principal sum + accrued interest paid out
Required Documents Application form, KYC documents (Aadhaar, PAN, etc.), KYC form for new accounts, pay-in-slip
Taxation Rules Quarterly interest added to balance; taxable income per Indian tax laws; TDS not deducted
Where to Open Available at Post Offices and qualified Scheduled Banks since April 1, 2023
Account Opening Procedure Obtain form, provide KYC, pay-in-slip, visit bank for submission and account opening
MSSC vs PPF MSSC: 2-year maturity, max deposit Rs 2 lakh, 7.5% interest; PPF: 15-year maturity, max deposit Rs 1.5 lakh, variable interest, tax benefits under Section 80C

Who can open Mahila Samman Savings Certificate Scheme (MSSC)

MSSC was created to help women of all ages. Here’s a breakdown of who can participate:

  • Any woman can initiate this scheme by herself.
  • This scheme for minors may be initiated by any guardian in the name of a minor girl.


  • The Mahila Samman Savings Certificate allows you to have full control of your savings by providing a wide range of options for making deposits.
  • You need to deposit at least Rs 1000 and in multiples of Rs 100 thereafter. The maximum amount that can be deposited into one’s account under this scheme is Rs 2 lakhs.


MSSC offers an attractive interest rate to maximize your earnings.

  • The Mahila Samman Savings Certificate Scheme (MSSC) offers an annual interest rate of 7.5%.
  • This interest is compounded quarterly, which means that the interest earned on the principal amount is added to the principal every three months, and subsequent interest calculations are based on the new total.


The Mahila Samman Savings Certificate Scheme (MSSC) permits a withdrawal of 40% from the eligible balance for account holders who have completed twelve months since opening their accounts.

So, if someone holds an MSSC account for one year or longer, they are entitled to withdraw 40% of the total amount saved by them,

Pre-mature Closure

The Mahila Samman Savings Certificate Scheme (MSSC) has the following provisions for pre-mature closure:

On no specified grounds: After six months of opening, the account can be closed prematurely without any reason. In this case, an interest rate of 5.5% per annum should apply.

In the event of the death of the account holder: If unfortunately, the account holder dies before it matures then this scheme may be closed before its maturity date. The nominee or legal heir will have to go through all necessary documentation and procedures required under the rules framed so as to initiate the process for closing such accounts in accordance with these guidelines.

On extremely compassionate considerations: On extreme compassionate grounds also there is provision for pre-mature closure which are as follows;

(i) Life-threatening illness suffered by account holder – If the account holder is facing a life-threatening disease, the scheme might allow for pre-mature closure to provide necessary funds for medical treatment or other urgent needs.

(ii) Death of guardian – Where minors are concerned and their accounts were opened on behalf of them by someone else acting as guardian if, at any time during its term, something happens to a said person who acts in the capacity of being responsible for managing such assets belonging thereto; then request made earlier concerning closing down shall have been deemed valid provided enough documentation has been given supporting reasons why termination became necessary in the first place.


  • Mahila Samman Savings Certificate Scheme (MSSC) matures in 2 years.
  • The depositor receives the principal sum and accrued interest after the maturity period.

Mahila Samman Saving Scheme Calculator

Documents Required to Open Mahila Samman Savings Certificate Scheme

These documents are essential for the account opening process and fulfilling the Know Your Customer (KYC) requirements. Here is a summary of the documents needed:

  • Application: Mahila Samman Savings Certificate account opening form filled.
  • Know Your Customer Documents: Proof of address and identity like Aadhaar card, PAN card, Voter ID, Driving license.
  • KYC Form for New Account Holders: Supplementary form for validation and compliance.
  • Pay-in-Slip: Slip to deposit the initial amount in the account.

Taxation Rules

You must understand the taxation framework before considering Mahila Samman Savings Certificates.

– Interest Calculation: Quarterly interest is calculated and added to the account balance.
– Taxation: Income from the scheme is taxable as per Indian income tax laws.
– Tax Deducted at Source (TDS): TDS not automatically deducted; account holder responsible for tax compliance and obligations.

Where to Open Mahila Samman Savings Certificate Scheme Account?

  • Availability: MSSC scheme available at Post Offices and qualified Scheduled Banks.
  • Operation: Scheme operational through Department of Post since April 1, 2023.
  • Interest Rate: Offers an interest rate of 7.5%.
  • Procedure: Follow these steps to purchase/open an account.

Opening an Account

To open an account under the Mahila Samman Savings Certificate Scheme (MSSC), follow these steps:

– Obtain Form: Get MSSC Account Opening Form from Central Bank of India branch or their website.
– Provide KYC: Submit Aadhaar card, PAN card for identity verification.
– Pay-in-Slip: Prepare deposit pay-in-slip for required amount.
– Visit Bank: Submit form, KYC docs, pay-in-slip, deposit at nearest Central Bank of India branch.
Account Opening: Bank processes request, verifies documents, provides account details upon successful opening.


Below is a table summarizing Mahila Samman Savings Certificate Scheme and Public Provident Fund (PPF):

Feature Mahila Samman Savings Certificate Scheme Public Provident Fund (PPF)
Eligibility Open to all women, including minors Open to all individuals
Maturity Period 2 years 15 years, extendable
Minimum Deposit Rs 1,000 Rs 500 annually
Maximum Deposit Rs 2 lakh (across all accounts) Rs 1.5 lakh annually
Interest Rate 7.5% compounded quarterly at present 7.1% Variable, government-set
Partial Withdrawals Allowed after the first year Allowed from the 7th year
Premature Closure Allowed under specific circumstances Not allowed before 5 years
Tax Benefits Not specified Under Section 80C
Taxation on Interest Taxable Tax-free
Availability Available through Post Offices and Banks Available through Banks and Post Office

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