Mahila Samman Savings Certificate: What is MSSC and how to invest in it? All you need to know

 

The Mahila Samman Savings Certificate is an initiative designed to promote saving and investment among women and girls. Launched as part of Budget 2023, this scheme offers a one-time opportunity and is accessible for two years, spanning from April 2023 to March 2025.

Any Indian woman, irrespective of age, has the opportunity to open an account and invest under the scheme. Additionally, a legal or natural guardian, including male guardians, can open an account for a minor girl child. This presents an excellent opportunity to initiate the financial journey for your daughter or any other young girl under your guardianship.

Only one account can be opened per woman, inclusive of all accounts initiated on her behalf by guardians. The cumulative deposit across all accounts for a single woman is capped at ₹2 lakhs. Upon reaching the age of 18, the account automatically transitions to the ownership and management of the minor girl.

Steps to initiate a Mahila Samman Savings Certificate

There are two primary methods for initiating a Mahila Samman Savings Certificate: through a bank or at your nearby post office. While both approaches are generally uncomplicated, the precise steps may exhibit slight variations depending on the institution you opt for.

Initiating a Mahila Samman Savings Certificate at a bank

  • Head to your bank branch: You have the option to open the certificate at any branch of a participating bank. Notable banks offering the scheme include the State Bank of India, Bank of Baroda, Canara Bank, and Central Bank of India. A comprehensive list of participating banks is available on the Ministry of Finance website.
  • Complete an application form: The bank will furnish you with an application form for the Mahila Samman Savings Certificate. You will be required to provide your personal information, including your name, address, and PAN number, along with the amount you intend to invest.
  • Submit the form and necessary documents: In addition to the application form, you must submit KYC documents, including your Aadhaar card and PAN card. Proof of address may also be required.
  • Complete your deposit: After your application receives approval, it's time to make your deposit. This can be accomplished through cash, cheque, or online transfer.
  • Obtain your certificate: Following the processing of your deposit, you will be issued a Mahila Samman Savings Certificate. This certificate serves as evidence of your investment, and it is crucial to keep it securely stored.

Initiating a Mahila Samman Savings Certificate at a post office

  • Visit your nearby post office: You have the option to open the certificate at any post office across India.
  • Complete an application form: The post office will furnish you with an application form for the Mahila Samman Savings Certificate. Enter your details, including your name, address, PAN number, and the desired investment amount.
  • Submit the form and necessary documents: Alongside the application form, provide KYC documents, such as your Aadhaar card and PAN card. Additionally, proof of address may be required.
  • Make your deposit: After approval of your application, proceed to make your deposit. This can be done in cash at the post office counter.
  • Obtain your certificate: Following the processing of your deposit, you will be issued a Mahila Samman Savings Certificate. Safeguard this certificate as it serves as proof of your investment.

Which banks offer the Mahila Samman Savings Certificate?

On June 27, 2023, the Department of Economic Affairs, Ministry of Finance, granted authorisation to all public sector banks and eligible private sector banks to administer the Mahila Samman Savings Certificate scheme, as announced through an e-gazette notification. Some of them are:
  • Bank of Baroda
  • Canara Bank
  • Bank of India
  • Punjab National Bank
  • Union Bank of India
  • Central Bank of India

Documentation needed for Mahila Samman Savings Certificate account

When initiating a Mahila Samman Savings Certificate account, you are required to furnish certain documents to validate your identity and address apart from submitting the filled-in application form. These documents are commonly referred to as Know Your Customer (KYC) documents and include
  • KYC documents, including Aadhaar card, Voter ID, driver's licence, and PAN card
  • KYC form for new account holders
  • Pay-in-slip accompanied by the deposit amount or a cheque
The Mahila Samman Savings Certificate serves as a valuable instrument in fostering financial inclusion and empowering women. Through its promotion of savings and investment among women and girls, the scheme plays a crucial role in shaping a financially secure future for all.

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