Mahila Samman Certificate and Senior Citizen Saving Account 2023 [MSSC & SCSS] : There are various future Savings and taxable scheme in India which is provided by the Central Government and other private policy providers.
Today we are discussing with you the latest Scheme for the government of India to provide financial assistance for senior citizens and women. Mahila Samman Certificate and Senior Citizen Saving Account 2023 is very helpful for senior citizens and women in India who are searching for a good investment scheme.
Read this article to get information on the Mahila Samman Certificate and Senior Citizen Saving Account 2023 eligibility criteria, important documents, interest rates, and application procedure for the Mahila Samman Saving Certificate- MSSC and Senior Citizen Saving Scheme- SCSS.
Mahila Samman Certificate and Senior Citizen Saving Account 2023 [MSSC and SCSS 2023]
Senior Citizen Saving Scheme is one of the famous Saving Scheme in India which is designed for citizens more than the age of 60 years. However, the central government has also introduced the Saving Scheme for women in the budget of 2023- 24, the Mahila Samman saving certificate scheme.
All the women in India including Guardians of girl children can apply in this scheme to get interest of 7.5% annually. Apart from this, both schemes provide tax-saving facilities under the Income Tax Department at 80C.
Eligibility Criteria for Mahila Samman Saving Scheme 2023
The scheme is specifically designed for women, including minor girls. The MSSC offers an attractive interest rate of 7.5% per annum, compounded quarterly. The maturity period of the scheme is two years. The minimum deposit amount is ₹1,000, and the maximum deposit amount is ₹2 lakh per account.
- Any woman, including a minor girl, can open an MSSC account.
- The account can be opened in the name of a minor girl by her guardian.
- The account holder must be an Indian citizen.
Documents required for Mahila Samman Savings Certificate Account
- Application form.
- KYC documents, such as an Aadhar card, Voter ID, driving license and PAN card.
- kyc form for new account holders.
- Pay-in-Slip along with deposit amount or check.
Eligibility Criteria for Senior Citizen Saving Scheme 2023
The Senior Citizen Savings Scheme (SCSS) is another small savings scheme introduced by the Government of India. The scheme is open to individuals who are aged 60 years or above.
The SCSS offers an interest rate of 7.4% per annum, compounded quarterly. The maturity period of the scheme is five years. The minimum deposit amount is ₹1,000, and the maximum deposit amount is ₹15 lakh per account.
- Any individual who is aged 60 years or above can open an SCSS account.
- The account can be opened in the name of an individual by his or her spouse.
- The account holder must be an Indian citizen.
Documents required to open Senior Citizen Saving Scheme Account
Given below are the documents that persons must submit in order to open an SCSS account :-
- Two passport-sized photographs.
- Form A must be filled in completely and submitted.
- Identity proof such as Passport or Permanent Account Number (PAN) Card must be presented.
- Individuals should submit proof of address such as Aadhaar Card or telephone bill.
- A document confirming the individual’s age must be presented.
- Age proof document can be the Permanent Account Number(PAN) Card, Voter ID, Birth Certificate, Senior Citizen Card, or Passport.
- All the documents that are submitted to open an account must be self-attest.
Benefits of MSSC and SCSS
- Secure investment : Both schemes are run by the Government of India, ensuring 100% safety of the invested amount.
- Attractive interest rate : The current interest rate of 7.5% per annum in MSSC and 7.4% for SCCS is competitive compared to other small savings schemes.
- Tax benefits : The interest earned on the Mahila Samman Savings Certificate and Senior Citizen Saving Scheme is eligible for tax exemption under Section 80C of the Income Tax Act.
- MSSC provides partial withdrawal of up to 40% of the deposited amount once after one year from the date of account opening.
- Premature closure of the account is allowed after six months from the account opening date. In this case, the interest rate will be 2% lower than the original rate.
- These schemes are available through various channels, including post offices, banks, and authorized agents.
How to open Mahila Samman Savings Scheme and SCSS accounts online?
Both schemes are already available in all the banks and financial companies through offline mode. but now due to digitalization, banks are providing online facilities to apply for the Mahila Samman Certificate and Senior Citizen Saving Account 2023. If you are an existing customer of Indian Post Payment Bank then you can follow this procedure to apply online:
- First of all, visit the official website of Indian Post Payment Bank.
- This is the direct link to visit the official website https://www.ippbonline.com/
- After that, you have to click on the link of the service request according to the procedure in the image.
- Now you can see all the services provided by Indian Post Payment Bank to their customers and you have to click on the link of Mahila Samman Certificate and Senior Citizen Saving Account 2023 according to your eligibility.
- Now you have to enter your personal information including salutation, name of the applicant, mobile number, e-mail, pin code, and other information, and click on the submit link.
Now you will receive then notification from the post-payment Bank after successfully submitting your application and you can invest according to your plan so you will get interest rates accordingly.
How to open Mahila Samman Savings Scheme and SCSS accounts at Banks ?
- Download the application from the qualified bank’s official website or by visiting the nearest branch office of the bank.
- Fill out the necessary details on the application form.
- Fill out the declaration and nominee details.
- Submit the form to the bank’s branch office with the necessary documents.
- Deposit the account opening scheme with the bank officials.
- Receive the certificate that serves as evidence of investment in the scheme.
Banks Offering Mahila Samman Savings Certificate
The list of certified banks offering this scheme is as follows:
- Bank of Baroda
- Canara Bank
- Bank of India
- Punjab National Bank
- Union Bank of India
- Central Bank of India
Banks Offering Senior Citizen Savings Scheme
Given below is the list of banks that of the scheme:
- ICICI Bank
- Union Bank of India
- UCO Bank
- Indian Bank
- Punjab National Bank
- IDBI Bank
- Indian Overseas Bank
- State Bank of India
- Dena Bank
- Central Bank of India
- Canara Bank
- Corporation Bank
- Bank of India
- Bank of Baroda
- Bank of Maharashtra
Brief difference between SCSS Vs Mahila Samman Savings Certificate
| Particulars | Mahila Samman Savings Certificate | SCSS |
| Eligibility | Women and girl children | Senior citizens aged above 60 years |
| Interest Rate | 7.5% | 8.2% |
| Tenure | 2 years | 5 years |
| Deposit Limit | Minimum – Rs.1,000 Maximum – Rs.2 lakh | Minimum – Rs.1,000 Maximum – Rs.30 lakh |
| Premature Withdrawal | Permits 40% withdrawal after one year | Can be closed at any time |
| Tax Benefit | No tax deduction under Section 80C | Deductions of up to Rs.1.5 lakh under Section 80C |
FAQ’s : Mahila Samman Certificate and Senior Citizen Saving Account Opening Process
What is the Mahila Samman Savings Certificate scheme ?
It is a one-time small savings scheme introduced by the government for women with a maturation period of two years. A woman or guardian of a girl child can open this account and deposit a maximum sum of Rs.2 lakh. They will get an interest of 7.5% P.A. on the amount deposited.
What is the interest rate of Mahila Samman Savings Certificate ?
The interest rate is 7.5% p.a., credited annually and paid at the time of closing of the account.
What is Senior Citizen Saving Scheme ?
Senior Citizen Saving Scheme is one of the famous Saving Scheme in India which is designed for citizens more than the age of 60 years.
What is the interest rate of SCSS ?
The SCSS offers an interest rate of 8.2% per annum, compounded quarterly.
How to invest in Mahila Samman Savings Scheme ?
You can invest in this by opening an account with the post office or the certified scheduled banks offering this scheme. You can open a Mahila Samman Savings Certificate account by downloading the form from the India Post website or the corresponding bank’s website, filling it out and submitting it to the nearest Post Office branch or the bank branch.
How to get Mahela Samman Saving Patra ?
You can get the Mahila Samman Saving Certificate from the post office or bank branch where you have opened the Samman Saving account.