Mahila Samman Savings Certificate: What are the charges

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In February 2023, the Union Budget announced the Mahila Samman Savings Certificate (MSSC), a new small-savings scheme for women and was launched for investments from April 1, 2023.On or before March 31, 2025, a woman for herself or a guardian on behalf of a minor girl must apply to the Account Office in Form – I. This scheme is valid for investment only up to March 2025. Note that an account opened under this scheme should be a single holder type account.

Also read:Do investments in Mahila Samman Savings Certificate qualify for section 80C tax benefit?

Minimum and maximum limit
An individual may open an unlimited number of accounts, subject to the maximum deposit limit, and a three-month period must elapse between the one account and the opening of another.
A minimum of Rs 1000 and any sum in multiples of Rs 100 can be deposited in an account with maximum limit of Rs 2 lakh, with no additional deposits permitted.

Interest on MSSC
The interest rate on deposits made under this Program is 7.5% per year. Interest is calculated quarterly and credited to the account. The interest payable to the account holder on any account opened or deposit made in violation of the rules of this scheme will be calculated at the rate applicable to the Post Office Savings Account.

Charges payable to Department of Posts and authorised banks
For MSCC receipt in physical mode, the charge is Rs 40 and RS 9 for receipt online payments- Rs 6.5 paise per Rs.100 turnover.

Type of transactionCharges payable (in rupees)
Receipt – Physical Mode40
Receipt – e-mode9
Payments6.5 paise per Rs.100 turnover

Premature closure of account
The account shall not be closed before maturity except in the following cases, namely:-

  • on the death of the account holder.
  • Where the post office or bank concerned is satisfied that the operation or continuation of the account is causing undue hardship to the account holder, such as medical support in life-threatening diseases of the account holder or death of the guardian, it may, after complete documentation, by order and for reasons to be recorded in writing, allow premature closure of the account.
  • Where an account is prematurely closed interest on principal amount will be payable at the rate applicable to the Scheme for which the account has been held.
  • Premature closure of an account may be permitted at any time after the completion of six months from the date of opening of an Account on an application in Form-4, for any reason other than those specified in sub-paragraph (1), in which case the balance as it stood from time to time in the account shall be eligible only for the interest rate that is 2% less than the rate specified in this Scheme.

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