Mahila Samman Saving Certificate: Post Office’s Mahila Samman Saving Certificate scheme has been launched to promote investment among women and girls. This scheme is being run by the government for women
Mahila Samman Saving Certificate: Post Office’s Mahila Samman Saving Certificate scheme has been launched to promote investment among women and girls. The government is running this scheme for women. Women can invest in Mahila Samman Certificate till March 2025.
Who can open an account?
Women: Indian women of any age can open an account and invest under this scheme.
Guardians: This scheme is also available for minor girls, where their legal or guardians can open the account.
Interest Rate
Interest Rate: This scheme offers an interest rate of 7.5% per annum, which is paid quarterly.
Interest Payment: Both interest and principal amount are payable on maturity.
Tax: Interest is exempted under Income Tax Act 80C, but TDS is deducted on interest income.
Investment and Maturity
Investment Period: Investing Rs 2 lakh over a period of 2 years gives Rs 2.32 lakh on maturity.
Minimum Investment: Investment can be made in as low as Rs 1,000 and in multiples of 100.
Maximum Investment: There is a limit of Rs 2 lakh per account.
MSSC Rules
Death: The account can be closed in case of death of the account holder.
Emergency: The account can be closed in case of life-threatening situation of the account holder, but documents will have to be provided for this.
Without reason: The account can be closed without any reason after six months of opening, but the interest will be 2% less i.e. 5.5% interest will be given.
When can you withdraw money: 40% of the money can be withdrawn after 1 year of opening the account.
Account opening process
Documents: Aadhar card, PAN card, and KYC documents are required.
Procedure: Visit the nearest post office and submit the form and also give the pay-in-slip along with the cheque.
Bank: Mahila Samman Certificates are also available in many banks of the country. Mahila Samman Savings Certificate Scheme gives women an opportunity for safe and profitable investment.
