The Mahila Samman Savings Certificate (MSSC) is a unique small savings scheme introduced by the government, primarily aimed at providing financial security and growth opportunities for women. With a maturity period of two years, this scheme offers an attractive interest rate, making it an excellent choice for women and guardians of girl children who wish to save and invest.
In this comprehensive guide, we will not only delve into what the Mahila Samman Savings Certificate entails but also provide you with step-by-step instructions on how to open it online. Additionally, we will touch upon how you can open other Post Office savings accounts online.
What is the Mahila Samman Savings Certificate Scheme?
The Mahila Samman Savings Certificate is a one-time small savings scheme introduced by the Indian government. It is tailored to empower women economically by offering a secure avenue for saving and investing their hard-earned money. Here are the key features of the scheme:
- Maturity Period: The scheme has a fixed maturity period of two years. This means that your investment will be locked in for this duration, allowing your money to grow.
- Maximum Deposit Limit: Individuals, particularly women and guardians of girl children, can open an MSSC account and deposit a maximum amount of Rs. 2 lakh. This cap ensures that the scheme remains accessible and beneficial for a broad range of individuals.
- Interest Rate: The Mahila Samman Savings Certificate offers an attractive interest rate of 7.5% per annum. This means your investment will grow significantly over the two-year term.
- Accessibility: The scheme is designed to be accessible, allowing women from various backgrounds to take advantage of this financial opportunity.
Documents Required for Mahila Samman Savings Certificate Account
Before diving into the step-by-step process of opening an MSSC account online, it’s crucial to ensure you have the necessary documents ready. Here’s what you’ll need:
- Application Form: You will need to fill out the Mahila Samman Savings Certificate account application form. This form is typically available at your nearest post office or can be downloaded from the official Department of Posts website.
- KYC Documents: To comply with Know Your Customer (KYC) regulations, you’ll need to provide identification documents. Acceptable documents include an Aadhaar card, Voter ID, driver’s license, and PAN card.
- KYC Form for New Account Holders: A KYC form may be required for new account holders to gather additional information and verify your identity.
- Pay-in-Slip or Cheque: You will need a pay-in-slip with the deposit amount or a cheque to fund your Mahila Samman Savings Certificate account.
How to Open Mahila Samman Savings Certificate Account Online (Step by Step Method)
Now, let’s explore the step-by-step process of opening a Mahila Samman Savings Certificate account online. The Department of Posts has made it convenient for individuals to access this scheme via their Internet Banking facility. Here’s how you can do it:
Important Points to Remember
- After opening your Mahila Samman Savings Certificate account online, you can expect it to appear in your Accounts summary after re-logging into Internet Banking.
- It’s important to note that only one account type can be opened, and the account will be registered in the name of the DOP Internet Banking user, with the nominee(s) taken from the linked Savings Account.
- Senior Citizens Savings Scheme (SCSS) accounts can only be opened by depositors aged 60 or above. Those below the age of 60 must visit post offices to open an SCSS account.