During the Union Budget 2023 presentation on February 1, Finance Minister Nirmala Sitharaman announced the introduction of the Mahila Samman Saving Certificate (MSSC) 2023. This initiative is aimed at fostering financial inclusion and empowerment for women. As part of broader efforts to enhance women’s economic participation and address gender disparities in financial services access, MSSC 2023 offers a deposit facility of up to Rs 2 lakh for two years at a fixed interest rate of 7.5%, with a partial withdrawal option. It is a pivotal step to encourage saving and investment among women and girls of all ages, emphasizing the importance of financial security and independence.

Understanding Mahila Samman Saving Certificate (MSSC) 2023

The MSSC 2023 is a tailored savings scheme exclusively for women, offering competitive interest rates and tax benefits to stimulate savings and investment. Introduced under the Government Savings Promotion Act, of 1873, MSSC 2023 has been in effect since April 1, 2023, and is accessible through designated banks and financial institutions nationwide. The primary objective is to boost women’s investment participation and provide them with financial stability. The principal aim of this scheme is to increase the participation of women in investment and provide them with financial security. The key features and benefits of this scheme are:

  1. Higher Interest Rates: MSSC 2023 provides attractive interest rates, surpassing traditional savings accounts, thereby offering women an opportunity to earn significant returns on their savings.
  2. Tax Benefits: Investments in MSSC 2023 qualify for tax benefits under Section 80C of the Income Tax Act, enabling women to claim deductions on their taxable income and reduce their tax burden.
  3. Flexible Investment Options: MSSC 2023 offers flexibility in investment amounts and tenures, catering to diverse financial objectives such as short-term expenses or long-term goals like education, healthcare, or retirement planning.
  4. Safety and Security: As a government-backed savings scheme, MSSC 2023 ensures a secure and dependable investment avenue, instilling confidence among investors.
  5. Empowerment and Financial Independence: By promoting saving and investment, MSSC 2023 enhances financial literacy, independence, and empowerment among women, facilitating their active participation in the formal financial sector.

Significance of MSSC 2023 in Women’s Empowerment

The MSSC 2023 plays a crucial role in advancing women’s empowerment and gender equality by addressing barriers to financial inclusion and promoting economic self-reliance. By providing women with the means to accumulate savings and invest in their future, the scheme fosters a sense of autonomy and agency, enabling women to break free from financial dependence and pursue their aspirations. Since it Is a government scheme, the risk due to market fluctuation is nil. So, the money invested is safe and out of the risk circle and the interest rate is very high, which eventually gives a huge profit to women investors.

Moreover, MSSC 2023 contributes to broader socio-economic development by channeling women’s savings into productive investments, stimulating economic growth, and creating opportunities for employment and entrepreneurship. The main objective of this scheme is the financial independence of women which makes it a good option for investing purposes. Thus, it will make women aware. As women become active participants in the formal financial sector, they contribute to the expansion of the economy and the realization of national development goals.

Steps to Initiate a Mahila Samman Savings Certificate

Initiating a Mahila Samman Savings Certificate is straightforward, with two primary methods available: through a bank or at a nearby post office. While the process may slightly vary depending on the institution chosen, the general steps remain consistent.

Initiating a Mahila Samman Saving Certificate at a Bank-

  1. Head to your bank branch: You have the option to open the certificate at any branch of a participating bank. Notable banks offering the scheme include the State Bank of India, Bank of Baroda, Canara Bank, and Central Bank of India. A comprehensive list of participating banks is available on the Ministry of Finance website.
  2. Complete an application form: The bank will furnish you with an application form for the Mahila Samman Savings Certificate. You will be required to provide your personal information, including your name, address, and PAN number, along with the amount you intend to invest.
  3. Submit the form and necessary documents: In addition to the application form, you must submit KYC documents, including your Aadhaar card and PAN card. Proof of address may also be required.
  4. Complete your deposit: After your application receives approval, it’s time to make your deposit. This can be accomplished through cash, cheque, or online transfer.
  5. Obtain your certificate: Following the processing of your deposit, you will be issued a Mahila Samman Savings Certificate. This certificate serves as evidence of your investment, and it is crucial to keep it securely stored.

Initiating a Mahila Samman Saving Certificate at a post office-

  1. Visit your nearby post office: You have the option to open the certificate at any post office across India.
  2. Complete an application form: The post office will furnish you with an application form for the Mahila Samman Savings Certificate. Enter your details, including your name, address, PAN number, and the desired investment amount.
  3. Submit the form and necessary documents: Alongside the application form, provide KYC documents, such as your Aadhaar card and PAN card. Additionally, proof of address may be required.
  4. Make your deposit: After approval of your application, proceed to make your deposit. This can be done in cash at the post office counter.
  5. Obtain your certificate: Following the processing of your deposit, you will be issued a Mahila Samman Savings Certificate. Safeguard this certificate as it serves as proof of your investment.

On June 27, 2023, the Department of Economic Affairs, Ministry of Finance, granted authorization to all public sector banks and eligible private sector banks to administer the Mahila Samman Savings Certificate scheme, as announced through an e-gazette notification. When initiating a Mahila Samman Savings Certificate account, you are required to furnish certain documents to validate your identity and address apart from submitting the filled-in application form. These documents are commonly referred to as Know Your Customer (KYC) documents and include-

  • KYC documents, including Aadhaar card, Voter ID, driver’s license, and PAN card.
  • KYC form for new account holders
  • Pay-in-slip accompanied by the deposit amount or a cheque.


The Mahila Samman Saving Certificate (MSSC) 2023 is a significant initiative aimed at promoting women’s financial inclusion, empowerment, and socio-economic advancement. Through competitive interest rates, tax benefits, and flexible investment options, MSSC 2023 encourages women to secure their financial future. By implementing initiatives like MSSC 2023, the Government of India underscores its commitment to gender equality, financial inclusion, and inclusive growth, fostering a more equitable and prosperous society. Additionally, initiatives like the creation of 81 lakh self-help groups for rural women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission further contribute to women’s economic empowerment.

By: Esha Gandhi (Intern)

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