Punjab National Bank ( PNB ) has launched Mahila Samman Certificate 2023 for its women customers. PNB is the fourth bank to introduce this small savings scheme. Mahila Samman Certificate Scheme aims to motivate girls and women to save and become financially strong.
MSSC account can be opened in these banks along with post offices
Finance Minister Nirmala Sitharaman had announced Mahila Samman Savings Certificate Scheme in Budget 2023. From 1 April 2023, this scheme was launched in post offices. It is also being started in banks for wide dissemination and benefits of the scheme. Before PNB, Bank of India, Bank of Baroda and Canara Bank are giving facility to investors to open accounts under this scheme.
Interest rate on Women’s Savings Certificate Scheme
Under the Women’s Honor Savings Certificate Scheme, on or before March 31, 2025, a woman can invest for herself or by a guardian on behalf of a minor girl. The government pays interest at the rate of 7.5 percent on the investment amount in the account opened under this scheme. Investors can close the account if needed and can also withdraw up to 40 per cent of the amount.
Features of Mahila Samman Savings Certificate Scheme
- In Mahila Samman Savings Certificate Scheme, any woman can open an investment account for a period of two years.
- The minimum investment amount in Mahila Samman Bachat Yojana is Rs 1,000 and the maximum investment limit is Rs 2 lakh.
- Investors of MSSC scheme are being given quarterly compound interest rate of 7.5 percent.
- On need, the option of partial withdrawal of 40% of the amount deposited in the account is available.
- On the death of the account holder, the account can be closed and the amount can be given to the nominee.
- The Mahila Samman Savings Certificate Scheme has been made valid till March 31, 2025.
