MSS certificate can be operationalised at PSBs, select private banks: Govt

The Mahila Samman Savings Certificate (MSSC) scheme offers a fixed interest rate of 7.5 per cent to women

All public sector banks (PSBs) and private banks such as ICICI Bank, Axis Bank, HDFC Bank, and IDBI Bank will now be able to implement and operationalise Mahila Samman Savings (MSS) Certificate, the Ministry of Finance announced on Friday. On June 27, the Centre had notified that all public sector banks and select private banks are authorised to operate and open such certificates through an e-gazette notification.

According to the official gazette notification dated June 27, 2023, “The Central Government hereby specifies that all public sector banks and ICICI Bank, Axis Bank, HDFC Bank Ltd., and IDBI Bank shall be authorised to operate the Scheme namely, Mahila Samman Savings Certificate, 2023 with effect from the date of publication of this notification in the official Gazette.”

The availability of the Mahila Samman Savings Certificate scheme in post offices and eligible scheduled banks will enhance access to the scheme for girls and women, the ministry said.

The scheme has been in operational mode since  April 1, 2023, through the Department of Post. The scheme offers a fixed interest rate of 7.5 per cent to women. Interest will be compounded quarterly and credited to the account and paid at the time of closure of account. The Mahila Samman Savings Certificate (MSSC) scheme was launched by the government in this year’s budget. The scheme aims to provide financial security to all girls and women in India.