Women’s Honor Saving Certificate (MSSC) is a special savings scheme launched by the Government of India for women and girls. The objective of this scheme is to empower women financially and encourage them to save. It was announced by Finance Minister Nirmala Sitharaman in the budget of 2023-24. The scheme is available till March 2025 and invests a high interest rate on investing in it.
Introduction to MSSC Scheme
Women’s Honor Saving Certificate Scheme is a government guaranteed scheme that encourages women and girls to save and investment. The scheme is available only for a period of 2 years, with an interest rate of 7.5% per year on investment.
Overview of MSSC Scheme
| Speciality | Description |
| Name of the scheme | Women’s Honor Saving Certificate (MSSC) |
| Launch year | 2023 |
| Duration | 2 years |
| Interest rate | 7.5% per year |
| Minimum deposit | ₹ 1,000 |
| Maximum deposit | ₹ 2,00,000 |
| Pre-masters | 40% withdrawal after 1 year |
| tax benefits | No tax deduction |
Benefits of MSSC Scheme
- Government Guarantee: This scheme comes with a completely safe and government guarantee.
- Higher interest rate: MSSC gets an interest rate of 7.5% per year, which is higher than other savings schemes.
- Pre-Nickel facility: You can withdraw up to 40% of your deposit after 1 year of opening an account.
- Special for women: This scheme is made only for women and girls.
- Safe Investment: There is no risk in MSSC as it is supported by the government.
Eligibility for MSSC Scheme
- The scheme is available only to Indian citizen women and girls.
- Their guardians can open an account for minor girls.
- The account will only be of single holder type.
How to invest in MSSC?
If you want to invest in this scheme, follow the steps given below:
- Go to the nearest post office or bank branch.
- Fill the account opening form.
- Submit the required documents (Aadhaar card, PAN card).
- Submit a minimum amount of ₹ 1,000.
- After opening the account, you will get a certificate.
MSSC interest rate and maturity
- In this scheme you get an interest rate of 7.5% per year.
- The interest is added on a quarterly basis and paid at maturity.
- The entire amount will be paid after 2 years from the date of opening the account.
Other important rules of MSSC Scheme
- The account can be closed in 6 months after opening the account.
- If the account is closed prematurely, the interest rate will be reduced to 5.5%.
- A woman can open more than one account, but there should be a gap of at least 3 months between each account.
MSSC vs other savings schemes
In the table below, MSSC compared other popular schemes like PPF, NSC and SCSS:
| Speciality | MSSC | commission | NSC | SCSS |
| Eligibility | Women and girls | Any Indian citizen | Any person (including NRIS) | Senior Citizen (60+ Age) |
| Interest rate | 7.5% | 7.1% | 7.7% | 8.2% |
| Duration | 2 years | 15 years | 5 years | 5 years |
| Deposit limit (₹) | Minimum: ₹ 1,000 maximum: ₹ 2 lakh | Minimum: ₹ 500 Max: ₹ 1.5 Lakh | Minimum: ₹ 100 Max: No Limit | Minimum: ₹ 1,000 Maximum: ₹ 30 Lakh |
| Pre-inferior facility | Yes (40%) 1 year later | Yes (جزوی withdrawal) after 7 years | Permission in some circumstances | Can close anytime |
Conclusion of MSSC Scheme
Women’s Honor Saving Certificate (MSSC) can prove to be an excellent savings option for women. This not only provides high interest rates but also helps women to become financially independent. Its simple procedure, safe investment and pre-nominated feature make it an ideal option.
Disclaimer: Women’s Honor Saving Certificate (MSSC) is a real government scheme. It will be available till March 2025. The objective of this scheme is to make women financially empower and motivate them to save.
