MSSC scheme: Special attention has been given to women in Budget 2023. Mahila Samman Bachat Patra i.e. MSSC Scheme has been introduced to empower women and become self-reliant. Women and girls from rural as well as urban areas can benefit from this. Since its introduction, some people want to take advantage of this scheme, but they are not aware of what documents will be required for it. If there is any woman or girl in your house then you can apply for this very easily.
What is Mahila Samman Savings Certificate MSSC?
Sukanya Samriddhi Yojana and many other schemes are already available for women in the country. Mahila Samman Bachat Patra (MSSC) is very different from all these. By March 2025, any woman or girl can deposit up to Rs 2 lakh under this scheme and get 7.5% interest on it. You will not have to pay a single rupee as tax on this. It will start from 1 April 2023. You can invest up to Rs 2 lakh by opening an account in the name of any woman in your household other than your wife, sister or daughter.
Documents required for Mahila Samman Savings Certificate :
For this, go to India Post Payment Bank and submit the necessary documents there. With time, people will also be able to apply online for this. To get Mahila Samman Savings Card, Aadhar Card and PAN Card will be required in the name of the woman. PAN card should be linked to Aadhar card. Make sure to match the names on both. Apart from this, the woman may be required to have a mobile number and email ID to give OTP while filling the form.
TDS will not be deducted :
In the press release, Bank of India has said that under this scheme, deposits will get an attractive interest rate of 7.5 percent per annum. This interest will be compounded every quarter and will be credited to the account. Earnings under Mahila Samman Savings Certificate are taxable under the existing income tax provisions. However, TDS (Tax Deducted at Source) will not be deducted under this scheme.
Women of what age can open an account?
Any woman can open her account under Mahila Samman Savings Scheme. For girls below 18 years of age, their parents can open this account. That means women of every age can take advantage of this scheme.
When can the account be opened?
This scheme of the post office is currently valid for two years. Investments can be made in this till 31 March 2025. Any woman can invest Rs 1000 to Rs 2 lakh in this.
How to open an account?
To open an MSSC account, you will have to go to the nearest post office branch. Here you will have to fill Account Opening Form-1. Also, copy of KYC documents like Aadhar Card and PAN Card and other important documents will have to be given.
What are the rules for pre-mature closure?
If the account holder falls seriously ill or dies, the account of Mahila Samman Bachat Patra Yojana can be closed after six months of opening the account. But in this situation the money is returned by reducing the interest rate by 2%. In such a situation, interest will be given at the rate of 5.5 percent.