Mahila Samman Bachat Patra

Finance Minister announced Mahila Samman Bachat Patra- a one-time new small savings scheme – for a two-year period up to March 2025 as part of Budget 2023.

This initiative will avail a deposit facility for a woman or girl up to ₹two lakh for two-year period at a fixed interest

Key Features of Mahila Samman Savings Certificate MSSC Scheme

Through this scheme, individuals can make deposits in the name of a woman or a girl child.
This is a one-time scheme, and it will remain available for two years i.e., up to March 2025.
The scheme is Backed by the central government.
Partial withdrawal option is available under this scheme.
It will offer deposit facility upto Rs 2 lakh in the name of women or girls for tenure of 2 years (up to March 2025) at fixed interest rate of 7.5 per cent with partial withdrawal option.
MSSC account opening facility is likely to be made available at Post Office from April 1 2023. However, the Government may allow some banks also to offer the MSSC scheme.
The savings account is easily portable in the event of a move, and the woman has no restrictions on when or how she withdraws her money.

The scheme’s broader goals of empowering women and increasing financial awareness go beyond simply providing women with material advantages. The program is also intended to encourage and facilitate women’s participation in the financial industry and the expansion of their numbers inside financial institutions.

Mahila Samman Saving Certificate: How to Open an Account?

One can open an MSSC account at any post office or bank from April 1st 2023. The process of opening a Mahila Samman Saving Certificate account is as below:
Visit your nearest post office or bank and ask for MSSC form
Fill up the following details:
Personal details
Financial details
Nominee details
Identity proof
Address proof
You can deposit the money upto 2 lakh either in cheque or cash.