सरकारी कारोबार एवं संपकक ववभाग, विल्ली

GOVERNMENT BUSINESS & RELATIONSHIP DEPARTMENT, DELHI

Frequently Asked Questions (FAQs) on Mahila Samman Savings Certificate (MSSC)

Q1. What is Mahila Samman Savings Certificate, 2023 scheme?

Ans. The Mahila Samman Savings Certificate (MSSC) is a savings scheme for women
beneficiaries under National Small Savings Scheme of Govt. of India.
Q2. Who are eligible to open accounts under MSSC, 2023 scheme?
Ans. An account under MSSC, 2023 scheme can be opened for a resident Indian
woman including minor girl beneficiary – Age no bar.
Q3. Are joint holder accounts allowed under MSSC, 2023 scheme?
Ans. Only single holder type accounts are allowed under MSSC, 2023 scheme. No joint
account allowed.
Q4. Can accounts be opened for a minor girl?
Ans. Yes, natural or legal guardian can open an MSSC account on behalf of a minor girl.
Such account will be operated by the natural/legal guardian till she attains
majority.
Q5. Can father be the guardian for the purpose of opening accounts for minor girl
under this scheme?
Ans. Yes, father can act as the natural/legal guardian for the purpose of opening
accounts for a minor girl under this scheme.
Q6. What is the minimum and maximum deposit limits for MSSC, 2023 scheme?
Ans. Minimum Rs.1000/- and in multiples of Rs.100/- thereof
Maximum Rs.200000/- can be deposited in MSSC account or accounts for a single
account holder.
Q7. Is there any cap on no. of accounts?
Ans. A single depositor can open any no. of accounts under this scheme subject to the
condition that total amount deposited in all the accounts under this scheme for a
depositor should not exceed the maximum deposit limit of Rs.200000/-
Q8. How many deposits can be made in a single MSSC account?
Ans. Only initial deposit will be allowed in an account opened under MSSC, 2023
scheme. No further deposits allowed.
Q9. Is there any restriction on opening of another account under MSSC, 2023
scheme?
Ans. After an account is opened and deposit made, another account for the depositor
can be opened only after three months from the date of opening of previous
account under this scheme.
Q10. What will be the period of deposits made under this MSSC, 2023 scheme?
Ans. The maturity period for an account under MSSC, 2023 scheme shall be 2 years
(fixed) from the date of opening of the account.
Q11. What will be the Rate of Interest applicable on MSSC accounts?
Ans. Accounts under this scheme shall bear interest at 7.5% per annum, compounded
quarterly and credited to the account.
Q12. What will be the frequency of interest payment?
Ans. Interest shall be compounded quarterly and credited to the account. However,
interest shall be paid along with principal amount on maturity/closure.
Q13. Is partial withdrawal allowed in this scheme?
Ans. Yes, a maximum of 40% of the eligible amount can be withdrawn after expiry of
one year from the date of opening of the account but before maturity.
Q14. How many times can the withdrawal be made from the account?
Ans. The facility of withdrawal shall be available only once under this scheme.
Q15. Can accounts be closed pre-maturely, i.e. before maturity?
Ans. Pre-mature closure of accounts under this scheme is allowed in the following
cases namely:
1. Death of account holder 2. On compassionate grounds like medical support in
case of life-threatening diseases of the account holder,
or
the death of guardian such that operation or continuation of account is causing
undue hardship to the account holder. Complete documentation to be kept on
record in such cases.
Q16. Can accounts be closed pre-maturely in other than above conditions?
Ans. Accounts can be closed pre-maturely for other than above reasons also subject to
the condition that such closure can be allowed only after expiry of 6 months from
the date of opening of the account.
Q17. Is there any penalty on pre-mature closure of accounts under this scheme?
Ans. 1. For accounts closed pre-maturely due to reasons 1 and 2 of FAQ no. 15, there
is no penalty.
2. For accounts closed pre-maturely due to any other reason, interest shall be
paid at rate lower by 2% than the prescribed rate of interest of the scheme.
Q18. Is the Auto-renewal and Auto-closure facility available on this scheme?
Ans. Both Auto-renewal and Auto-closure are not available under this scheme.
Q19. When and how the maturity amount be paid to the depositor?
Ans. The maturity amount will be paid to the account holder on closure of the account
after the account holder submits closure request on Form-2 at the branch where
the account is being maintained.
Q20. What is the provisions for accounts opened in contravention of rules?
Ans. Any account opened in contravention of rules shall be immediately closed and
principal amount returned to the account holder with interest at rate applicable
on Post Office Savings Account.
Q21. On opening of an MSSC account, the depositor shall be issued a passbook or a
deposit receipt?
Ans. After account is opened and deposit made into the MSSC account, the depositor
shall be issued a passbook. No deposit receipt to be issued.