Mahila Samman Savings Certificate | MSSC Scheme 2023

The Mahila Samman Savings Certificate Scheme 2023 has been launched by the Government of India to promote financial independence of women and improve their socio-economic status. Under this scheme, women are called upon to save and invest in specially created savings certificates. We will give you complete information about the benefits available in the Women’s Honor Savings Certificate Scheme 2023 and the application process for applying in the scheme.

Mahila Samman Savings Certificate 2023

Mahila Samman Savings Certificate is the latest small savings scheme launched for women. The scheme was announced by Finance Minister Nirmala Sitharaman while presenting the Union Budget on February 1, 2023. The scheme has now formally commenced from 1st April 2023.

Mahila Samman Savings Certificate Scheme 2023 Objectives

MSSC Scheme 2023 is being considered as a progressive step towards women empowerment. It is an important role of women in the development of the country and aims to provide them with financial resources to secure their future. The programme aims to close the gender gap in financial inclusion by encouraging women from all walks of life to save and invest.

Name of the SchemeMahila Samman Savings Certificate 2023
When Started1st February 2023
Maturity Period2 Years
Interest Rate7.5% Per Annum
Opening of AccountStarting from 01st April 2023 31st March 2025
BeneficiariesWomen and Girls
DepartmentMinistry of Finance
Announced ByMinistry of Finance Minister Dr. N. Sitaraman
CategoryGovernment Schemes

The main objectives of the Women’s Honour Savings Certificate Scheme 2023 are:

  • Helping women become stronger and independent with money
  • They save and invest their money so they can have enough money for the future
  • They also find a safe place to keep money and earn more.
  • Making it easier for women to access banks and other money services

Eligibility for Mahila Samman Savings Certificate

Mahila Samman Savings Certificate Scheme 2023 is being considered as a program to help women become financially self-reliant. Women who wish to participate in the program must meet the following eligibility requirements:

  • The woman herself named the minor girl after her parents.
  • Documents required to apply for MSSC Scheme 2023

MSSC Scheme Required Documents

  • Aadhaar Card,
  • KYC Form,
  • Identity Proof,
  • Passport Size Photo,
  • Email ID,
  • Phone Number

Mahila Samman Savings Certificate 2023

Deposit Limits

The minimum deposit amount under Mahila Samman Savings Certificate (MSSC Scheme 2023) is Rs 1,000 and should be in multiples of Rs 100 for deposits above Rs 1,000. The maximum amount of deposit in an account held by an account holder or in all accounts by the same name is Rs. 2 lakhs. A woman or a guardian of a girl child can open a second MSSC Scheme account after a gap of at least three months from the opening of the existing account.


The maturity period of the Women’s Respect Savings Certificate account is two years. The maturity amount can be paid to the account holder after two years from the date of opening the account.


The facility of partial withdrawal is being provided under the Mahila Samman Savings Certificate Scheme. The account holder can withdraw up to 40% of the account balance after one year from the date of opening the account.

Tax Benefits

Tax Deducted at Source (TDS) is not deducted from the interest earned under this scheme. However, the CBDT informed that TDS is applicable on Mahila Samman Savings Certificate Scheme. As per Section 194A of the Income Tax Act, TDS can be applicable only if the interest received from Post Office Savings Scheme in a financial year exceeds Rs 40,000 or Rs 50,000 (in case of older citizens). The interest amount of this scheme cannot exceed Rs 40,000 for a maximum investment of Rs 2 lakh for two years. Hence TDS cannot be deducted from the interest received under Mahila Samman Savings Certificate Scheme.

MSSC Scheme Interest rate

The scheme carries a fixed interest rate of 7.5 per cent per annum, which is being considered much higher than most bank fixed deposits (FDs) and other popular small savings schemes. The interest is credited quarterly and will be paid at the time of closing the account.

Premature Closure of MSSC Scheme

The Women’s Honor Savings Certificate account can be closed before two years in the following situations

  • If you close the account for six months without giving any reason, then you will get interest at the rate of 5.5 percent.
  • In case of death of the account holder, such as life-threatening illness of the account holder. Then interest will be paid on the principal amount on production of relevant documents

Mahila Samman Savings Certificate 2023: How to apply

  • Go to the official website of India Post.
  • Download the application form (Account Opening Form) from the website or access it online from the link itself.
  • Fill in the required details in the application form correctly,
  • Take the KYC documents such as Aadhaar card, PAN card with identity proof, address proof and
  • Then go to the nearest post office with all the above documents.


In this article, if you have any query or suggestion related to ‘Mahila Samman Savings Certificate 2023 – MSSC Scheme 2023 “then feel free to comment. If you have liked our work, then join our family on WhatsApp group and Telegram channel and grace it and subscribe to ESIC Updates for further news related to other government schemes, plans.

Leave a Reply

Your email address will not be published. Required fields are marked *