Has Mahila Samman Savings Certificate Scheme with 7.5% interest been extended beyond March 31, 2025, deadline? Existing investors will continue to earn 7.5% interest until maturity, while others must consider alternative savings options like PPF, SSY, and FDs
The Mahila Samman Savings Certificate (MSSC), a government-backed savings scheme designed to promote financial inclusion and women-empowerment, , has been officially discontinued from March 31, 2025. This means that no new deposits or investments will be accepted under this scheme after this date.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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The Department of Economic Affairs (DEA), Ministry of Finance, through an official letter dated March 27, 2025, has formally announced that the Mahila Samman Savings Certificate (MSSC) scheme will not continue beyond March 31, 2025.
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The Department of Post stated via SB Order on March 28, 2025, “Ministry of Finance vide letter no. 141112019- NS-Part (1)dated 27.03.2025 has informed that, in accordance with the prevailing guidelines and notifications concerning the Mahila Samman Savings Certificate Scheme (MSSC), the scheme will remain effective only until 31st March 2025. After this date, no new deposits shall be accepted under the scheme.”
The government introduced the Mahila Samman Savings Certificate (MSSC) as a special savings scheme for women to encourage financial security.
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What is the impact of MSSC non-extension
With the MSSC scheme now closed for new investments, women who had planned to invest but missed the deadline will have to explore alternative savings options. Those who already invested before March 31, 2025, will continue earning the promised 7.5% interest until their investment matures. However, no new accounts can be opened under the scheme now.These 2 banks extend special FD schemes but are interest rates same or lower?
Mahila Samman Savings Certificate details
Launched as a part of the government’s efforts to promote financial security for women, the MSSC had several attractive features:Fixed tenure: The scheme had a maturity period of two years from the date of investment.
Competitive interest rate: Investors earned a 7.5% annual interest rate for two years, which was higher than that offered for the same tenure by many other traditional fixed deposit schemes.
Investment Limits: Minimum Investment: Rs 1,000
Maximum Investment: Rs 2 lakh per individual
Eligibility: The scheme was exclusively available for women and girl investors.
Alternative investment options
For those seeking similar secure savings instruments, the following government-backed options may be considered:Public Provident Fund (PPF): A long-term investment with tax-free interest and a 15-year tenure. The scheme currently offers 7.1% interest
Sukanya Samriddhi Yojana (SSY): Designed for girl children, the scheme offers high interest rates and tax benefits. The scheme currently offers 8.2% interest rate.
National Savings Certificate (NSC): A five-year cumulative savings scheme with fixed interest rate. The interest rate is currently fixed at 7.7% per annum.
Fixed Deposits (FDs): Various banks and the post office offer fixed deposit schemes (called Time deposits in post offices) with competitive interest rates.
Premature withdrawal from Mahila Samman Savings Certificate investment
The scheme allows premature withdrawal after the completion of one year from the date of investment. After a year, you can withdraw up to 40% of the amount.Premature closure of the Mahila Samman Savings Certificate is allowed. The account can be closed prematurely after six months of opening without any reason. However, a penalty of 2% will be applicable. The interest rate of 5.5% instead of 7.5% will be paid on the investment if the account is prematurely closed.
However, the penalty will not be applicable if the account is closed due to the death of the account holder or in the event of exceptional circumstances requiring a compassionate view, such as the death of the guardian or a life-threatening illness.
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This story originally appeared on: India Times - Author:Faqs of Insurances
