Mahila Samman Savings Certificate: The last date for the current financial year is 31 March 2025. After this date, many changes are going to happen related to the savings of common people. At the same time, the deadline for joining Mahila Samman Savings Certificate (MSSC) is ending on 31 March.
Mahila Samman Savings Certificate: The last date of the current financial year is 31 March 2025. After this date, many changes are going to happen related to the savings of common people. At the same time, the deadline for joining Mahila Samman Savings Certificate (MSSC) is ending on 31 March itself. Let us tell you that the government also gives interest on investment in this scheme. Let us talk about the scheme in detail.
What is the purpose of the scheme
This scheme is specifically to provide safe and attractive investment options to women and girls. This scheme is for a fixed period of two years, making it a safe means of increasing savings in a short time. Only women and girls are eligible to invest under the scheme. At the same time, guardians can invest on behalf of minor girls.
Starting from Rs 1000.
The minimum amount to open an account under the Mahila Samman Savings Certificate Scheme is Rs 1,000. The maximum allowable investment is Rs 2 lakh per person. Investors are allowed to make partial withdrawals of up to 40% of the deposit amount after one year of investment. However, the entire principal along with the accrued interest is available only at the end of the two-year period. The scheme is not eligible for any tax deduction under Section 80C of the Income Tax Act. Potential investors should consider this aspect when comparing it with other tax-saving investment options.
What is the interest rate compared to the bank?
The interest rate for the Mahila Samman Savings Certificate Scheme is 7.5 percent per annum which is compounded on a quarterly basis and deposited in the account. At the same time, SBI offers an interest rate of 6.80% on two-year FDs for general citizens. HDFC Bank offers an interest rate of 7.25% on FDs for general citizens. Canara Bank offers an FD interest rate of 7.25% for tenures up to 444 days (equivalent to 1 year, 2 months and 19 days). Axis Bank offers an FD interest rate of 7.25% for tenures between 15 months and 2 years.
