If you were following the Mahila Samman Savings Certificate (MSSC) and wondering whether it's still open. It isn't. The Government of India officially discontinued the MSSC scheme from 31st March 2025. No new deposits or investments are accepted under the scheme after that date.
Women who invested before the deadline will continue to earn returns until their account matures. But for everyone else, it's time to look ahead.
That raises a fair question: what's the right investment option for women now?
This article breaks down what MSSC offered, how it compared to a fixed deposit, and what makes the Shriram Unnati Fixed Deposit worth considering if you're looking for a stable, accessible investment in 2025 and beyond.
What Was the Mahila Samman Savings Certificate?
The Mahila Samman Savings Certificate was a government-backed small savings scheme designed exclusively for women and girl children, available from April 2023 to March 2025. It was introduced during Union Budget 2023-24 and offered a fixed interest rate of 7.5%* p.a., compounded quarterly, with a two-year tenure and a maximum investment cap of ₹2 lakh per account.
A few things made it appealing. It was backed by the central government, the process was offline through post offices and authorised banks, and partial withdrawals were allowed after one year.
But it had limitations too. The ₹2 lakh cap meant it couldn't accommodate larger savings goals. And now, of course, it's no longer available for new investments.
What Is a Fixed Deposit?
A fixed deposit (FD) is an investment instrument offered by banks and Non-Banking Financial Companies (NBFCs) where you deposit a lump sum for a fixed period and earn a predetermined rate of interest. The interest rate doesn't change during the tenure, regardless of market movements.
FDs are straightforward. You choose your amount, tenure, and payout preference. The rest takes care of itself.
MSSC vs Shriram Unnati Fixed Deposit: A Side-by-Side Look
Here's how the two compare across the parameters that matter most to women investors:
*Rates subject to change. T&C apply.
Why Women Depositors May Find Shriram Unnati FD Worth Considering
There are more reasons than just one why Shriram FD serves as one of the more popular investment options for women.
1. More Flexibility, Same Stability
The MSSC locked you in for exactly two years. With Shriram Unnati Fixed Deposit, you choose your tenure. Anywhere between 12 and 60 months. Planning for a short-term goal like a renovation or a wedding? Pick a shorter tenure. Building a longer-term corpus? Go up to five years.
2. A Dedicated Benefit for Women Depositors
Women depositors with Shriram Finance receive an additional {{FD_Women}} It's not a huge number in isolation. But compounded over multiple years, it adds up. More importantly, it signals something worth noting: this is a product that actively accounts for women investors.
3. No Investment Cap
MSSC's ₹2 lakh ceiling was a significant constraint. If your savings goals run higher — and increasingly, they do — that limit quickly becomes a bottleneck. With Shriram Unnati FD, you start at ₹5,000 and can scale your investment as your corpus grows, in multiples of ₹1,000.
4. Choice of Payout Structure
Want a lump sum at maturity? Go cumulative. Need a regular income stream, say, monthly or quarterly payouts to manage household expenses? Go non-cumulative. MSSC didn't offer this flexibility. The Shriram Unnati FD does.
5. Apply Online in Minutes
The MSSC application process was entirely offline — forms, post offices, bank visits. Shriram Finance lets you book your FD digitally. Register using your mobile number, complete KYC, choose your investment amount and tenure, verify your bank details and download your FD certificate. No branch visit required.
A Quick Note on Ratings
Shriram FD is rated by all four major credit rating agencies:
{{CRISIL_Ratings}}
These ratings reflect a strong credit profile and are worth factoring into your decision when comparing investment options.
Looking for a relatively stable, flexible investment option now that MSSC is closed? Use the Shriram FD Calculator to estimate your returns based on your amount, tenure, and payout preference.
Also read: Everything You Need to Know about Fixed Deposits
Conclusion
MSSC served a genuine purpose — it brought more women into the habit of formal savings, with a simple, government-backed structure. But it's now closed. If you were considering it, or if you're an investor whose MSSC is maturing soon, it's worth evaluating what comes next.
Shriram Unnati Fixed Deposit offers competitive interest rates up to {{FD}} (inclusive of {{FD_Senior}} for senior citizens and {{FD_Women}} for women depositors), a broader range of tenures, flexible tenure and diverse payout options. For women who want a structured, non-market-linked investment with room to grow their savings — it's a practical option to explore.
Start Your Shriram Unnati Fixed Deposit Today
FAQs
1. Can I still open an MSSC account in 2025?
No. The MSSC scheme was officially discontinued from 31st March 2025, and no new deposits are accepted after that date. Women who had existing accounts will continue to earn the 7.5%* p.a. interest until their account matures.
2. What happens to my MSSC investment if the scheme is discontinued?
Your existing investment is not affected by the discontinuation. Existing investors will continue to earn 7.5% interest until maturity. You'll receive the principal along with accrued interest at the end of your two-year tenure.
3. Is there a minimum tenure for the Shriram Unnati Fixed Deposit?
Yes. The minimum tenure is 12 months. You can invest for any period between 12 and 60 months, giving you flexibility to align the FD with your specific financial goal.
4. Can I invest more than ₹2 lakh in the Shriram Unnati Fixed Deposit?
Yes. Unlike the MSSC, there is no upper investment cap for most investor categories with Shriram Finance. You can start at ₹5,000 and scale up in multiples of ₹1,000.
5. Is the Shriram Unnati FD available for women who are not senior citizens?
Absolutely. The additional {{FD_Women}} benefit applies specifically to women depositors regardless of age. Senior citizens — women or otherwise — receive an additional {{FD_Senior}} If you are a woman aged 60 or above, both benefits apply, taking your rate up to {{FD}}.