Mahila Samman Savings Scheme Closing Soon

The Mahila Samman Savings Scheme (MSSC) was introduced in Budget 2023 as a special small savings initiative aimed at encouraging financial independence among women and girls. This government-backed scheme offers a higher interest rate compared to traditional bank fixed deposits (FDs) and is available for investment until March 31, 2025.

Mahila Samman Savings Scheme gives Higher Interest Rates

The scheme offers a fixed interest rate of 7.5% per annum, compounded quarterly, which is significantly higher than most 2-year bank FDs. Here’s how it compares to leading bank deposit rates as of January 10, 2025:

State Bank of India (SBI): 6.80% (regular), 7.30% (senior citizens)
HDFC Bank: 7.00% (regular), 7.50% (senior citizens)
Axis Bank: 7.10% (regular), 7.60% (senior citizens)
IndusInd Bank: 7.25% (regular), 7.75% (senior citizens)
Post Office 2-Year Term Deposit: 7.00%

For those looking for a safe and high-return investment, MSSC is a strong alternative to traditional bank FDs.

Who Can Invest?

The Mahila Samman Savings Certificate can be opened by:

Any woman in her own name
A guardian on behalf of a minor girl

Deposit Limits and Account Rules

Minimum deposit: ₹1,000 (in multiples of ₹100)
Maximum deposit: ₹2,00,000 across all accounts
A three-month gap is required between opening multiple accounts
Accounts violating deposit limits will earn interest at Post Office Savings Account rates

How to Open an Account

Women can open an MSSC account at:

Post Offices
Banks including Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank, and Union Bank of India

Required Documents

To open an account, investors must submit:

Account Opening Form
KYC Documents (Aadhaar & PAN Card)
KYC Form (for new account holders)
Pay-in Slip along with cash or cheque

Withdrawal and Premature Closure Rules

40% withdrawal of the balance is allowed after one year. Premature closure is allowed in cases of:

Death of the account holder
Life-threatening illness of the account holder
Death of the guardian
Other premature withdrawals (after six months) will receive a reduced 5.5% interest rate
Maturity and Final Payout
The MSSC matures in two years from the date of opening
On maturity, the depositor will receive the principal amount plus accumulated interest

Final Investment Deadline

The Mahila Samman Savings Scheme is available until March 31, 2025. If you are looking for a high-interest, secure savings option, consider investing before the deadline.