The government has increased the scope of small savings schemes. Now, like other small savings schemes, Mahila Samman Savings Certificate accounts can also be opened in designated private banks. According to the notification issued by the Ministry of Finance, the facility of investment in Small Savings Schemes, Mahila Samman Samman Savings Letter will be available from public sector banks as well as ICICI, Axis, HDFC and IDBI Bank. Earlier also the facility of investment in small savings like PPF, SSY was available in designated private banks.

According to the notification issued by the government, the Finance Ministry has instructed the banks that there should be a dedicated software in the bank for accounting and operation of National Savings Schemes. In this, banks will also have to ensure that there is a special function for each scheme in the software. Banks can operate all the schemes in online mode and in branches with all core banking solutions. However, they will have to ensure adequate security arrangements.

Who can open MSSC

Mahila Samman Savings Letter Scheme (Mahila Samman Savings Scheme 2023) has started from 1 April. The scheme was announced by Finance Minister Nirmala Sitharaman in Budget 2023. This is a deposit scheme which has been started especially for women with better interest rates. Any woman can open her account under Mahila Samman Savings Scheme. For girls below 18 years of age, their parents can open this account. That is, women of all ages can take advantage of this scheme.

What are the benefits of the scheme?

Mahila Samman Bachat Patra Yojana is a scheme to motivate women to save. In this scheme, women get interest at the rate of 7.5 percent. The scheme offers the benefit of compounding interest and the interest is calculated on a quarterly basis. In such a situation, through this scheme, women get a lot of profit on the amount deposited. This post office scheme is currently valid for two years. Investments can be made in this till 31 March 2025. Any woman can invest in it from Rs 1000 to Rs 2 lakh.

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