One woman can open multiple accounts (each minimum Rs 1,000) — total cannot exceed Rs 2 lakh
Guardian can open in the name of a minor girl child
💡 Maturity amount calculation: Rs 2 lakh invested at 7.5% quarterly for 2 years = Rs 2,32,044 at maturity. That is Rs 32,044 interest earned completely tax-free. For women looking for safe 2-year savings better than FD and completely tax-free — MSSC is the best option in 2026.
Any woman or girl child who is an Indian resident is eligible. There is no age restriction — even a newborn girl child can have an MSSC account opened by her guardian. There is no income limit. The only restriction is it is not available for Hindu Undivided Families (HUF) or men. NRI women are not eligible.
Yes, you can open multiple MSSC accounts. However the total investment across all your MSSC accounts cannot exceed Rs 2 lakh. So you could open two accounts of Rs 1 lakh each, for instance. Each account has a separate 2-year tenure from its date of opening. A guardian can open accounts for multiple minor girl children — the Rs 2 lakh limit applies per individual (not per guardian).
The interest earned on MSSC is tax-free — it is completely exempt from income tax. This is a major advantage over bank FDs where interest is taxable at your slab rate. At 7.5% tax-free, MSSC is equivalent to approximately 10.7% FD for someone in the 30% tax bracket. The maturity amount is also tax-free.
📋 Sources & Methodology
Data sourced from: RBI official website · Official bank websites · SEBI · IRDAI · Ministry of Finance press releases. Rates and data verified by FinMandi Research Team. Last verified: May 2026. FinMandi does not accept payment to rank any bank or product.
Disclaimer: All scheme details are as per official government sources updated May 2026. Eligibility and benefits may change. Always verify at official government portals before applying.