Mahila Samman Savings Certificate (MSSC) is a government-backed small savings scheme for women and girl children that offers 7.5% interest per annum with a 2-year tenure and a maximum deposit of ₹2 lakh. Introduced in the Union Budget 2023–24 and available from April 2023 to March 2025 through post offices and select authorised banks, the scheme is now closed for new account openings as of April 2025. Existing account holders continue to earn interest until maturity. This page explains what the scheme was, its interest rate, premature withdrawal rules, and what savings alternatives are available for women now.
What was the Mahila Samman Savings Certificate?
Mahila Samman Savings Certificate (MSSC) was a one-time small savings scheme introduced by Finance Minister Nirmala Sitharaman in the Union Budget 2023–24 (February 2023) as a special instrument for women investors. The scheme was available for a limited window of two years, from 1 April 2023 to 31 March 2025, through India Post offices and select authorised banks (Bank of Baroda and Canara Bank confirmed; other banks announced but availability varied).
The scheme was designed to offer women a short-term, sovereign-guaranteed savings instrument at an above-market rate of 7.5% per annum (compounded quarterly), with a short 2-year lock-in, partial withdrawal option, and no market risk. The maximum deposit was ₹2 lakh per woman/girl, with a minimum of ₹1,000. After the March 2025 closure for new accounts, the scheme has not been renewed for a fresh window. Existing accounts opened before 31 March 2025 continue to earn 7.5% interest until their maturity date (2 years from account opening).
Key Features of Mahila Samman Savings Certificate
| Feature | Detail |
|---|---|
| Interest rate | 7.5% per annum, compounded quarterly |
| Tenure | 2 years from date of account opening |
| Minimum deposit | ₹1,000 |
| Maximum deposit | ₹2,00,000 per woman / girl across all MSSC accounts |
| Account eligibility | Woman or girl of any age (guardian can open for minor girl child) |
| Where available | India Post (all post offices); Bank of Baroda and Canara Bank (select branches) |
| Premature withdrawal | Allowed after 6 months from account opening, 40% of eligible balance can be withdrawn |
| Full premature closure | Allowed on death of account holder, or on grounds of extreme compassionate circumstances or life-threatening illness |
| Tax treatment | Interest is taxable as income from other sources; no Section 80C deduction |
| New accounts | Closed since 31 March 2025, no new MSSC accounts can be opened |
Is Mahila Samman Savings Certificate Still Open?
No. The Mahila Samman Savings Certificate scheme closed for new account openings on 31 March 2025. The government has not announced an extension or renewal of the scheme as of the date of this page.
| Status | Detail |
|---|---|
| New accounts | Not available from 1 April 2025 onwards |
| Existing accounts | Continue to earn 7.5% interest until the 2-year maturity date |
| Maturity of last accounts | Accounts opened in March 2025 mature in March 2027 |
| Renewal | No government announcement of renewal (as of 2025) |
How to Withdraw from Mahila Samman Savings Certificate (Existing Account Holders)
Partial Withdrawal (after 6 months)
- Visit the post office or bank branch where your MSSC account was opened.
- Request the MSSC partial withdrawal form.
- You may withdraw up to 40% of the eligible balance (account balance at end of previous quarter).
- Withdrawal is credited to your linked savings account.
Maturity Withdrawal
- Visit your post office or bank branch on or after the maturity date (2 years from account opening).
- Submit the MSSC maturity closure form with your passbook and identity proof.
- Full amount, principal plus accrued interest, is credited to your linked account.
Alternatives to Mahila Samman Savings Certificate (2025)
| Scheme | Interest Rate | Tenure | Key Feature |
|---|---|---|---|
| Sukanya Samriddhi Yojana (SSY) | 8.2% p.a. | 21 years | For girl child below 10 years; fully EEE; higher rate than MSSC |
| Post Office Time Deposit (2 years) | 7.0% p.a. | 2 years | Closest tenure alternative; available to all |
| Post Office Time Deposit (5 years) | 7.5% p.a. | 5 years | Same rate as MSSC; Section 80C deduction available |
| Senior Citizens Savings Scheme (SCSS) | 8.2% p.a. | 5 years | For women aged 60+; highest government savings rate |
| National Savings Certificate (NSC) | 7.7% p.a. | 5 years | Section 80C deduction; no premature withdrawal except on death |
| Kisan Vikas Patra (KVP) | 7.5% p.a. | ~115 months | No income ceiling; doubles money at maturity |
Eligibility Criteria
| Criterion | Requirement |
|---|---|
| Gender Requirement | Exclusively for women of any age and minor girl children |
| Guardian Opening | A natural parent or legal guardian can open on behalf of a minor girl child |
| Citizenship | Must be an Indian resident citizen |
| Multiple Accounts Gap | A minimum time gap of 3 months is mandatory between opening two MSSC accounts |
| Maximum Aggregate Cap | Total deposits across all accounts held by an individual cannot exceed ₹2,00,000 |
Who Cannot Apply
- •Male individuals (cannot open in their own name)
- •Non-Resident Indians (NRIs) and Hindu Undivided Families (HUF)
- •Corporate entities, trusts, and institutional investors
- •Deposits exceeding ₹2 Lakh cumulative threshold per individual
Benefits of the Scheme
| Benefit Type | Amount / Description | Applicable Category |
|---|---|---|
| Fixed Interest Rate | 7.50% per annum, compounded quarterly | All MSSC account holders |
| Deposit Range | Minimum ₹1,000 to Maximum ₹2,00,000 in multiples of ₹100 | All eligible women & minor girls |
| Account Tenure | Strictly 2 years from date of deposit | Standard maturity |
| Partial Withdrawal | Up to 40% of eligible balance allowed after completion of 1st year | Emergency liquidity facility |
| Premature Closure | Allowed after 6 months (interest reduced by 2%, i.e. 5.50%) or on compassionate grounds | Medical emergency or death of holder |
How to Apply for MSSC
Online Application — via Official Portal
- 1Log in to India Post Internet Banking or Mobile Banking app (for existing IPPB account holders)
- 2Navigate to Service Requests → Small Savings Schemes → Mahila Samman Certificate
- 3Enter deposit amount (between ₹1,000 and ₹2,00,000) and select debit account
- 4Confirm nomination details and authenticate via transaction PIN and OTP
- 5Download the digital e-deposit certificate and note the account reference number
Offline Application — via Designated Centre
- 1Visit any Post Office or authorized commercial bank branch (SBI, Canara Bank, Bank of Baroda, PNB)
- 2Collect Form-1 (Application for opening of account under MSSC Scheme)
- 3Fill in personal, nomination, and deposit details
- 4Attach self-attested photocopies of Aadhaar and PAN along with original documents for verification
- 5Deposit funds via cash, cheque, or account transfer and collect your physical MSSC passbook
Required Documents
| Document | Purpose |
|---|---|
| Account Opening Form (Form-1) | Duly filled and signed application form for MSSC |
| Aadhaar Card | Proof of identity and residential address |
| PAN Card | Mandatory for opening post office or bank deposit accounts |
| Minor Birth Certificate | Required when a guardian opens an account on behalf of a minor girl child |
| Passport Size Photographs | 2 recent colour photographs for KYC records |
Who Can Apply
Any woman or a guardian on behalf of a minor girl child.
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Important Points & Payment Status Check
How to Check Payment & Beneficiary Status
- 1Check transaction entries and accrued interest directly in the MSSC passbook
- 2Log into Post Office Internet Banking or Bank Mobile App
- 3View deposit status, maturity date, and accrued quarterly interest under Term Deposits
State-Wise Implementation
| State | Implementing Body | Application Centre | State Additions |
|---|---|---|---|
| Pan-India | Department of Posts (India Post) & Ministry of Finance | Over 1.5 Lakh Post Offices nationwide and authorized Public Sector Banks | Uniform interest rate and sovereign guarantee across all Indian States and UTs |
| Uttar Pradesh | UP Postal Circle & Public Sector Banks | Head Post Offices, Sub-Post Offices, Gramin Dak Sevak branches | Special awareness melas organised by district women welfare departments |
| Maharashtra | Maharashtra Postal Circle & Commercial Banks | All post office counters and bank branches | Integrated camp drives in coordination with Mahila Aarthik Vikas Mahamandal |
Additional Information
What is Mahila Samman Savings Certificate?
MSSC is a government-backed small savings deposit scheme exclusively for women and girl children offering a fixed 7.5% per annum interest rate compounded quarterly over a 2-year tenure.
What is the maximum amount that can be deposited in MSSC?
The maximum deposit allowed is ₹2,00,000 per individual, with a minimum deposit requirement of ₹1,000.
Can I withdraw money before 2 years in MSSC?
Yes, an account holder can withdraw up to 40% of the balance after completing 1 year from the date of opening.
