Union Bank of India has mobilised Rs 17.58 crore in 5,653 Mahila Samman Savings Certificate (MSSC) beneficiary accounts, after introducing it on 30 June.

MSSC, 2023 is a flagship small saving scheme, which Finance Minister Nirmala Sitharaman launched during the budget speech for the fiscal year 2023-2024 on 1 February 2023. 

Under this scheme, individual girls or women can open a Mahila Samman Savings Certificate, or a guardian can open an account on behalf of a minor girl. 

The minimum investment required is Rs 1,000 and any sum in multiples of Rs 100 can be deposited, up to a maximum limit of Rs 2,00,000. 

Individuals can open multiple accounts with a gap of three months between each account, subject to the overall investment cap of Rs 2,00,000. 

Deposits made under this scheme will earn an interest rate of 7.5% per annum, and that will be compounded quarterly.

All earnings under the Mahila Samman Savings Certificate will be taxable as per the existing income tax provisions. However, TDS (Tax Deducted at Source) will not be deducted under this scheme.

The account will mature two years after the opening date, and accounts can be opened until 31 March 2025. 

The scheme also provides a nomination facility. Account holders can make partial withdrawals, up to 40% of the eligible balance, after one year from opening the account.