Mahila Samman Savings Certificate: What is MSSC and how to invest in it? All you need to know

livemint.com:

saving and investment among women and girls. Launched as part of Budget 2023, this scheme offers a one-time opportunity and is accessible for two years, spanning from April 2023 to March 2025. Any Indian woman, irrespective of age, has the opportunity to open an account and invest under the scheme.

Additionally, a legal or natural guardian, including male guardians, can open an account for a minor girl child. This presents an excellent opportunity to initiate the financial journey for your daughter or any other young girl under your guardianship. Only one account can be opened per woman, inclusive of all accounts initiated on her behalf by guardians.

The cumulative deposit across all accounts for a single woman is capped at ₹2 lakhs. Upon reaching the age of 18, the account automatically transitions to the ownership and management of the minor girl. There are two primary methods for initiating a Mahila Samman Savings Certificate: through a bank or at your nearby post office.

While both approaches are generally uncomplicated, the precise steps may exhibit slight variations depending on the institution you opt for. On June 27, 2023, the Department of Economic Affairs, Ministry of Finance, granted authorisation to all public sector banks and eligible private sector banks to administer the Mahila Samman Savings Certificate scheme, as announced through an e-gazette notification. Some of them are: When initiating a Mahila Samman Savings Certificate account, you are required to furnish certain documents to validate your identity and address apart from submitting the filled-in application form.