Mahila Samman Savings Certificate: Last few months to apply for MSSC scheme; get 7.5% interest rate – details here – Times of India

Mahila Samman Savings Certificate Scheme final date: The Mahila Samman Savings Certificate Scheme (MSSC), began in March 2023, is a ladies-targeted monetary initiative providing aggressive interest charges. This scheme was launched with an intention to improve monetary inclusion and independence for ladies and minor women.
According to Union Minister of State for Finance Pankaj Chaudhary’s assertion in Rajya Sabha on December 3, 2024, the scheme has attracted 43,30,121 account holders as of October 10, 2024.
As of now, the Mahila Samman Savings Certificate scheme is open for ladies and lady traders until March 31, 2025. That is the final date until which a brand new account underneath the Mahila Samman Savings Certificate scheme might be opened.

Mahila Samman Savings Certificate Scheme: Top Points

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Mahila Samman Savings Certificate Scheme: How to open MSSC account

To begin a Mahila Samman Savings Certificate account, people should go to their nearest publish workplace with the required documentation, together with the account opening type, KYC paperwork (Aadhaar and PAN card), KYC type for new account holders, and a Pay-in-Slip. with the deposit quantity or cheque.
The Department of Economic Affairs, Ministry of Finance, issued an e-gazette notification on June 27, 2023, enabling choose Public Sector Banks and eligible Private Sector Banks to implement the Mahila Samman Savings Certificate, 2023.
The approved banks for opening Mahila Samman Savings Certificate accounts are restricted to particular establishments, together with Bank of Baroda, Canara Bank, Bank of India, PNB and Union Bank of India, in accordance to an ET report.

Mahila Samman Savings Certificate: Early Withdrawal Provisions

The scheme permits early withdrawals underneath particular circumstances:
According to the India Post web site, pre-mature closure guidelines,
(i) On the loss of life of the account holder
(ii) On extraordinarily compassionate floor (a) Life threatening illness of account holder (b) Death of the guardian on manufacturing of related paperwork.
(iii) After six months of account opening with out mentioning any motive.
Note:-Scheme interest much less by 2% will probably be paid eg 5.5%.
Note:-Scheme interest will probably be paid on principal quantity.
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Early closure of a Mahila Samman Savings Certificate account is permitted in particular circumstances, such because the account holder’s loss of life. Additional conditions warranting untimely closure embrace circumstances of compassion, such because the account holder’s essential sickness or the guardian’s loss of life, the place sustaining the account causes important issue. In such situations of early closure, the usual interest rate of 7.5% applies.