Key Points
According to a press release from Bank of India, it is the first bank to operationalise this scheme at all its branches...
The Department of Economic Affairs, Ministry of Finance, through an e-gazette notification issued on June 27, 2023 permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalise the Mahila Samman Savings Certificate, 2023...
A women individually can open a Mahila Samman Savings Certificate or a guardian can open an account on behalf of a juvenile girl, or girls...
According to current income tax regulations, all earnings under the Mahila Samman Savings Certificate will be taxed..
Premature closure is also available in circumstances of extreme compassion, such as the account holder's life-threatening illness or the death of the guardian, if the operation or continuation of the account causes excessive hardship to the account holder..
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Bank of Baroda launches Mahila Samman Savings Certificate, a small savings scheme with 7.5% interest rate
14, Jul, 23Bank of Baroda is the third bank, after Canara Bank and Bank of India, to offer this facility, alongside the post office. MSSC is exclusively available to women and girls who can open an account either on their own behalf or on behalf of a minor girl with a guardian.
Canara Bank rolls out Mahila Samman Savings Scheme that offers a 7.5% interest rate
07, Jul, 23The Mahila Samman Savings Certificate was unveiled by Nirmala Sitharaman, Union Finance Minister, at the presentation of her budget for the current fiscal year (2023-2024).
At 7.5% rate, Mahila Samman Savings Certificate offers higher interest than bank FDs; who should invest?
05, May, 23Mahila Samman Savings Certificate (MSSC) is a one-time scheme that offers a fixed interest of 7.5 per cent. It can be opened in the name of a woman or girl of any age. It comes with a tenure of two years. The interest is compounded quarterly but paid on maturity. Will it give you a better return when compared to fixed deposits in leading banks or post office time deposits? Who should invest in Mahila Samman Savings Certificate?
How to open Mahila Samman Savings Certificate at post office
19, Jul, 23Mahila Samman Savings Certificate, 2023 scheme was announced in the Union Budget FY 2023-24 by the Central Government to provide financial security to every girl and woman in India.