Shillong: Union Bank of India has introduced Mahila Samman Saving Certificate (MSSC) Scheme across its branches and has, so far, mobilised Rs 17.58 crore in 5,653 MSSC beneficiary accounts.
MSSC 2023 is the Ministry of Finance's flagship small saving scheme launched during the Budget FY 2023-2024. Under the 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.
Deposits made under this scheme will earn an attractive interest rate of 7.5% per annum and that will be compounded quarterly. All earnings under the Mahila Samman Savings Certificate will be taxable as per existing income tax provisions. However, TDS (Tax Deducted at Source) will not be deducted under the scheme.
The account will mature after two years from the date of opening. The scheme also provides a nomination facility. Account holders can also make partial withdrawals, up to 40% of the eligible balance, after one year from the date of opening the account.
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