Mumbai: Union Bank of India introduced the Mahila Samman Savings Certificate (MSSC), 2023 Scheme, across its branches nationwide on June 30, 2023. The bank has mobilized Rs. 17.58 Crores in 5,653 beneficiary accounts for the MSSC scheme.
MSSC, 2023 is a flagship small saving scheme of the Ministry of Finance, which the finance minister launched during the budget speech for the fiscal year 2023-2024 on February 1, 2023.
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Under this scheme, individual girls or women can open a Mahila Samman Savings Certificate or a guardian can open an account on behalf of a minor girl. The minimum investment required is Rs. 1,000/-, and any sum in multiples of Rs. 100/- can be deposited up to a maximum limit of Rs. 2,00,000/-. Individuals can open multiple accounts with a gap of three months between each account, subject to the overall investment cap of Rs. 2,00,000/-.
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Deposits made under the MSSC 2023 scheme will earn an attractive interest rate of 7.5% annually, compounded quarterly. All Mahila Samman Savings Certificate earnings will be taxable per the existing income tax provisions. However, TDS (Tax Deducted at Source) will not be deducted under this scheme.
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The account will mature two years after the opening date, and accounts can be opened until March 31, 2025. The scheme also provides a nomination facility. Account holders can make partial withdrawals, up to 40% of the eligible balance, after one year from opening the account.
