By SK Jabedul Haque | Published on CurrentAffair.Today | Govt Schemes
What is Mahila Samman Savings Certificate (MSSC)?
The Mahila Samman Savings Certificate (MSSC) is a one-time, limited-period small savings scheme launched by the Government of India in the Union Budget 2023. It is designed exclusively for women and girls, offering a guaranteed 7.5% annual interest rate on deposits up to ₹2 lakh for a tenure of 2 years.
Unlike market-linked investments, MSSC carries zero market risk — the return is fully backed by the sovereign guarantee of the Government of India.
Key highlights:
- ✅ 7.5% per annum interest — among the highest for guaranteed government schemes
- ✅ Maximum deposit: ₹2 lakh per account
- ✅ Tenure: 2 years
- ✅ Available at post offices and select banks
- ✅ Partial withdrawal allowed after 1 year
- ✅ No market risk — fully guaranteed return
MSSC vs Other Popular Savings Schemes
| Scheme | Interest Rate | Tenure | Limit | Who Can Invest |
|---|---|---|---|---|
| MSSC | 7.5% | 2 years | ₹2 lakh | Women & girls only |
| Sukanya Samriddhi | 8.2% | 21 years | ₹1.5 lakh/year | Girls below 10 years |
| PPF | 7.1% | 15 years | ₹1.5 lakh/year | Any individual |
| Post Office FD (2 yr) | 7.0% | 2 years | No limit | Any individual |
| NSC | 7.7% | 5 years | No limit | Any individual |
Eligibility Criteria
- Any woman or girl of any age who is an Indian resident
- A guardian can open an account on behalf of a minor girl
- No minimum age requirement — parents or guardians can open for infant girls
- NRIs are not eligible
MSSC Account Details
| Feature | Details |
|---|---|
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | ₹2,00,000 per account |
| Interest Rate | 7.5% per annum (compounded quarterly) |
| Tenure | 2 years from date of account opening |
| Interest Payout | Credited on maturity (not monthly) |
| Number of Accounts | Multiple accounts allowed with 3-month gap between each |
| Tax on Interest | Taxable — TDS applicable above ₹40,000/year |
| 80C Deduction | Not available under MSSC |
Maturity Amount Calculator
At 7.5% per annum compounded quarterly, here is what you receive at maturity:
| Amount Invested | Interest Earned (2 Years) | Maturity Amount |
|---|---|---|
| ₹10,000 | ₹1,602 | ₹11,602 |
| ₹50,000 | ₹8,011 | ₹58,011 |
| ₹1,00,000 | ₹16,022 | ₹1,16,022 |
| ₹2,00,000 | ₹32,044 | ₹2,32,044 |
Documents Required
| Document | Details |
|---|---|
| Aadhaar Card | Identity and address proof |
| PAN Card | Required for deposits above ₹50,000 |
| Passport-size Photo | Recent colour photograph |
| Birth Certificate | Required when opening for a minor girl |
| Initial Deposit | Cash, cheque or demand draft |
How to Open an MSSC Account
At the Post Office
- Visit your nearest post office with the documents listed above
- Fill in Form-1 (MSSC account opening form)
- Attach self-attested copies of Aadhaar and PAN
- Deposit the amount in cash or by cheque
- Collect the MSSC passbook — keep it safely until maturity
At Authorised Banks
Select public and private sector banks (as notified by the Ministry of Finance) also offer MSSC. The process is similar — visit the branch with your documents and complete the account opening form.
Note on 2026 Status: MSSC was available for new account openings until 31 March 2025. Accounts opened before this date continue earning 7.5% until maturity. If you are looking for an equivalent scheme in 2026, the PPF or Sukanya Samriddhi Yojana may be suitable alternatives depending on your profile.
Premature Withdrawal Rules
| Condition | Rule |
|---|---|
| After 6 months | Premature closure allowed in case of account holder's death, serious illness, or extreme compassionate grounds (with supporting documents) |
| After 1 year | Partial withdrawal of up to 40% of the eligible balance is permitted |
| Before 6 months | Not allowed except in case of account holder's death |
Frequently Asked Questions
Q1: Is MSSC still available for new accounts in 2026?
No. MSSC was a limited-period scheme available for new account openings until 31 March 2025. Accounts already opened continue until their 2-year maturity. Confirm with your post office for the latest status.
Q2: Is there any tax benefit under Section 80C?
No. MSSC does not qualify for a deduction under Section 80C. The interest earned is taxable as income — TDS applies if interest exceeds ₹40,000 in a financial year.
Q3: Can I open multiple MSSC accounts?
Yes, multiple accounts can be opened, but there must be a gap of at least 3 months between each account opening. The cumulative investment across all MSSC accounts cannot exceed ₹2 lakh per woman.
Q4: Can a guardian open MSSC for a girl child?
Yes. A parent or guardian can open an MSSC account on behalf of a minor girl. The birth certificate and the guardian's ID documents are required.
Q5: What happens to the account if the holder passes away before maturity?
The account can be prematurely closed by the nominee or legal heir. The balance is paid along with interest accrued up to the date of premature closure at the prescribed rate.
Related Savings Schemes for Women
- Sukanya Samriddhi Yojana — 8.2% interest for girl children, long-term wealth building
- PPF Calculator — 7.1% tax-free returns over 15 years
- RD Calculator — Recurring deposit returns calculator
- Lakshmir Bhandar Scheme — ₹1,500–₹1,700/month for eligible women in West Bengal
Disclaimer: Interest rates and scheme availability are subject to government notifications. Always verify the current status with your nearest post office or bank before investing.