How to Apply for Mahila Samman Savings Scheme?

Piya: Hey Meera, I have heard a lot about the Mahila Samman Savings Scheme, do you know what it is?

Meera: Yes, I have also heard a lot about the same scheme, but I am also not sure about its details.

Piya: Ohh! No worries, while exploring I came across one blog, let’s go through it together. In that blog, the process of applying to the scheme is also mentioned.

Meera: Perfect! 

For generations, women have been the biggest pillars of financial stability in their families, often managing household budgets, expenses and making small savings from everyday expenses. So, today in order make women empowered and financially independent Government introduced Mahila Samman Savings Scheme. This scheme is designed specifically to empower women by encouraging disciplined savings and paving the way toward financial independence.. Let’s dive into this scheme & how to apply for Mahila Samman Scheme and make the most of it!

What is the Mahila Samman Savings Certificate Scheme (MSSC)?

Mahila Samman Saving Certificate scheme is a one-time small savings scheme for women and girls announced in Budget 2023. It will be available for 2 years i.e from April 2023 – March 2025. 

What is the eligibility for Mahila Samman Scheme?

• Women applying should be an Indian citizen
• Women above the age of 18 years
• In the case of a minor girl, the guardian can open an account on her behalf

What are the documents required?

• Know Your Customer (KYC)
• Aadhar Card
• Pan Card
• Address Proof – Driver’s Licence, Electricity bill, etc.
• Pay-in-slip

What are the features of Mahila Samman Savings Scheme?

• Backed by Government: This scheme is offered by the Government of India with little credit risk. 
• Minimum amount: ₹1000 and in multiples of 100.
• Maximum amount: ₹2,00,000 
• Interest Rate: 7.5% p.a. compounded quarterly and credited to the account.
• Maturity period: 2 years from the account opening date. 
• No. of accounts: Any number of accounts can be opened subject to a maximum deposit limit of ₹2,00,000 and a time gap of 3 months shall be maintained between the existing account and the opening of another account. 
• Taxation: No deductions/exemptions are applicable as per Sec 80C. However, TDS is not deducted from the interest amount under the MSSC scheme.
• Nomination: Facility available for a maximum of 4 nominees per account. 

How to Invest in Mahila Samman Scheme?

Here’s the process on how to apply for Mahila Samman Scheme and start investing:

1. Visit a Nearby Post Office or Designated Bank: Head to your nearest post office branch or designated bank to begin the application process. 
2. Obtain the Application Form: Collect the application form in person or download it from the official website.
3. Complete the Application Form: Fill out the form carefully and attach all the necessary documents.
4. Provide Declaration and Nomination Details: Fill in the declaration and specify the nomination details as required.
5. Submit the Form with Initial Investment: Submit the completed application form along with the initial investment amount.
6. Receive Your Certificate: Upon submission, you will receive a certificate as proof of your investment in the Mahila Samman Savings Scheme.

To conclude, the Mahila Samman Savings Scheme is one of the options that a woman can consider for getting fixed interest on their savings. This investment becomes a part of their debt/fixed income component, therefore, in order to diversify, women should add equity and gold to their portfolio as per their goals, time horizon, and risk appetite.

Check out Lxme’s time & goal-based portfolios which are well-researched and curated by experts. You can diversify your portfolio on the Lxme app by investing in equity & gold portfolios.

You can bookmark this blog for future reference.

Comment “Need Assistance” if you want to invest in equity or gold mutual funds.

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Further Read,

• Mudra Loan Scheme For Women
• How to Apply to Chief Minister Ladki Bahin Yojana?
• Key Differences between CTC vs In-Hand Salary