The MSSC Scheme was introduced across the country on April 1, and women can open an account in any post office. However, the Bank of India is the first bank to offer account opening services under this plan.
While presenting the Union Budget in February, Finance Minister Nirmala Sitharaman announced the Mahila Samman Saving Scheme (MSSC Scheme), a savings scheme with the highest interest rate, to financially strengthen women.
This initiative has been adopted across the country since April 1, and women can open their accounts at any post office. However, the Bank of India has become the first bank to provide qualified women the opportunity to create an account under the MSSC Scheme.
The Bank of India is the first public sector bank to provide the Mahila Samman Savings Certificate 2023. Bank of India was the first to implement this plan in all of its branches. Until recently, this savings scheme’s accounts could only be opened at post offices.
Explain that on June 27, 2023, the Finance Ministry issued an e-Gazette notification permitting all public sector banks and qualified private sector to adopt and run the Mahila Samman Savings Certificate 2023.
If the account holder dies, the account might be closed prematurely. In the event of a critical sickness, for example, the account might be closed prematurely. If the account is closed early, interest will be paid on the principal amount at the scheme’s regular rate of 7.5%.
After six months from the date of creating the Mahila Samman Savings Scheme account, the holder may request account closure by paying a 2% penalty. In this case, the interest rate on the principal amount will be 5.5%. After one year from the date of account establishment in the MSSC Scheme, account holders may withdraw up to 40% of the qualifying amount.
Benefits of the MSSC Scheme
- Any woman can create a two-year investment account in the Mahila Samman Savings Certificate Scheme.
- The minimum investment amount under the MSSC Scheme is Rs 1,000, with a maximum investment restricted to Rs 2 lakh.
- The scheme’s investors would get a 7.5 percent quarterly compound interest rate.
- If necessary, a partial withdrawal of 40% of the amount put in the account is allowed.
- When the account holder dies, the account can be terminated and the funds transferred to the nominee.
- The Mahila Samman Savings Certificate Scheme has been extended till March 31, 2025.