New Delhi [India], April 27 : Union minister Smriti Ir opened a Mahila Samman Savings Certificate (MSSC) at a post office here in the national capital, paving the way for empowering women through this investment instrument.
Mahila Samman Savings Certificate scheme was announced in the 2023-24 Union Budget by Finance Minister Nirmala Sitharaman and is a significant step towards financial inclusion and empowerment of women.
The Union Minister for Women and Child Development on Wednesday came to the post office and completed the account opening formalities. Her Mahila Samman Savings Certificate account was opened and computer generated passbook was handed over to her at the counter itself, a government press release said.
"The noble gesture of the Minister will surely inspire millions to come forward and open their MSSC and Sukanya Samriddhi account in the nearest post office," the release added.
The two-year tenure scheme will offer an interest rate of 7.5 per cent compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of Rs two lakh.
The scheme is valid for a two-year period upto March 2025.
The scheme has been made available in all 1.59 lakh post offices from April 01, 2023 when the finance ministry had formally issued the notification.
Separately, the government earlier this month raised the rate of interest on various Small Savings Schemes for the first quarter of the financial year 2023-24 starting April 1 by up to 70 basis points (100 basis points is equal to 1 percentage point).
The government typically reviews the interest rates on small savings schemes every quarter based on a set formula.
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