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43 lakh accounts opened under Mahila Samman Scheme

Published: Dec 04, 2024

By TIOLCorplaws News Service

NEW DELHI, DEC 04, 2024: THE Mahila Samman Savings Certificate Scheme (MSSC) was launched on 31.03.2023 to commemorate the ‘Azadi ka Amrit Mahotsav' exclusively for the women and minor girls, and so far, 43,30,121 accounts have been opened under it till 31.10.2024.

This was stated by Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Rajya Sabha, today.

The scheme was launched by the Government to promote financial independence of the woman of the country by allowing attractive rate of interest and to also help in achieving objectives of financial inclusion as set by Government of India. The account under this MSSC shall be opened by a woman for herself, or by the guardian on behalf of a minor girl, on or before 31st March, 2025.

Some of the salient features of the schemes include:

- The account may be opened with a minimum deposit of Rs 1000/- and maximum deposit of Rs 2 Lakhs for a tenure of two years only.

- The interest rate for MSSC is 7.5% p.a. which is compounded quarterly and credited to the account.

- The facility of partial withdrawal and premature closure on compassionate grounds are also available under this Scheme.

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