GOVERNMENT BEST SHAVING SCHEME - MAHILA SAMMAN BACHAT PATRA YOJANA/ CERTIFICATE (2023)

Introduction

Mahila Samman Bachat Patra Yojana (MSSC) is an initiative introduced by the Government for Indian women and girls. It is a one-time saving scheme that allows women to save money and get lucrative interest on them for two years. One can easily opt for this scheme from any post office and authorized banks across the country.

About the Scheme

Mahila Samman Bachat Patra, also known as Mahila Samman Savings Certificate (MSSC), is a small saving scheme introduced by the Indian Government on 1st February 2023. Nirmala Sitharaman, the union finance minister, proposed the MSSC scheme during the budget of 2023. The tenure of the MSSC is of two years for which a woman can open a savings account in a government-owned bank and earn a decent interest rate.

From 1st April 2023, Mahila Samman Bachat Patra Yojana is available in Indian Post Offices. Backed by the Indian Government, the scheme does not involve any credit risk.

Sailent Features of the Scheme

1. The Mahila Samman Bachat Patra Yojana is exclusively for women and girls

2. It is a one-time investment scheme with a two-year term.

3. Women can withdraw a portion of their savings before the end of the maturity period.

4. The minimum deposit for the MSSC scheme is Rs. 2000, whereas the maximum deposit limit is up to Rs. 2 lakhs.

5. Depositors can easily withdraw savings in case of medical emergencies or for education purposes.

6. Withdrawing funds before the end of tenure is free of any penalty. Partial withdrawals are also allowed.

Advantages of the Scheme

1. The program aims to empower women financial

2. It is a risk-free investment scheme and an easy documentation process.

3. Applying for Mahila Samman Bachat Patra Yojana is easy through a post office or an authorized government bank.

4. Get a fixed interest rate of 7.5% p.a., which is much higher as compared to most saving schemes.

5. The amount deposited in MSSC is eligible for tax benefits under section 80C of the Income Tax Act 1961.

6. Helps Indian economy grow by investing funds for various developmental project.

Eligibility for the Scheme

1. Mahila Samman Bachat Patra Yojana is only for women and girls.

2. An individual applying for MSSC must be an Indian citizen.

3. The minimum age to apply for MSSC must be above 18 years. As of now, there is no maximum age limit to invest in this scheme.

4. In the case of a minor girl child, a guardian can open the MSSC account on her behalf.

5. Women and girls from any caste, creed, or religion can apply for the Mahila Samman Savings Certificate scheme.

How to Apply for the Scheme

1. Visit your nearest post office or a government-authorized bank.

2. Request an application form for MSSC and fill out all the details.

3. One can also download the application online from the official Indian post office website at https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/AccountopeningCertific ate.pdf.

4. Submit the application form with the mandatory documents, such as Identity proof, address proof, and more.

5. Make the deposit in the Post Office, either cash or by cheque, for your chosen amount.

6. At last, get a Mahila Samman Savings Certificate as proof of investment.

Documents Required for the Scheme

1. Identity proof such as an Aadhaar card, PAN card, Passport, Driving Licence, etc. 

2. Address proof like a Ration card, Voter card, Aadhaar card, etc.

3. Two passport-size photographs

4. Proof of income such as ITR, pay slips, etc.

5. Mobile number

6. KYC form

7. The post office or bank account passbook