New Delhi: Prime Minister Narendra Modi today, April 29, urged women to enroll for Mahila Samman Saving Certificate (MSSC). Posting on witter, PM said, "I also urge more women to enroll for Mahila Samman Saving Certificate. It offers many advantages for our Nari Shakti."

Union Minister Smriti Irani earlier inaugurated a Mahila Samman Savings Certificate (MSSC) at a post office in New Delhi, opening the way for the financial empowerment of women. 

Finance Minister Nirmala Sitharaman also introduced the MSSC Scheme in the 2023–24 Union Budget, which is an important step towards financial inclusion and women's empowerment.

On Wednesday, the Union Minister for Women and Child Development visited the post office to finish the account opening procedures. According The counter opened her Mahila Samman Savings Certificate account and gave her a computer-generated passbook. "The Minister's noble gesture will undoubtedly inspire millions to step forward and open their MSSC and Sukanya Samriddhi accounts in the closest post office." a government press release read.

The two-year duration scheme will provide flexible investment and partial withdrawal options with a maximum ceiling of Rs two lakh. The interest rate would be 7.5% compounded quarterly. The programme is in effect from March 2025 for a two-year term.

The MSSC has been made available in all 1.59 lakh post offices from April 01, 2023 when the finance ministry had formally issued the notification.

The government also increased the rate of interest on various Small Savings Schemes earlier this month by up to 70 basis points (100 basis points is equal to 1 percentage point) for the first quarter of the financial year 2023–24 beginning April 1.

The government periodically reviews the interest rates on small savings schemes every quarter based on a set formula. 

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