Mahila Samman Savings Certificate: A scheme aimed at encouraging women to save and invest, ‘Mahila Samman Savings Certificate’ (MSSC) is invested for two years and you can deposit a maximum amount of up to Rs 2 lakh.
Mahila Samman Savings Certificate: In India, many women-centric savings schemes are run by the government. One such scheme is ‘Mahila Samman Savings Certificate’ (MSSC). This scheme has been brought especially for women. You can invest in this scheme. Investment is made in it for two years and you can deposit a maximum amount of up to Rs 2 lakh.
This scheme has been introduced with the aim of encouraging women to save and invest. Any woman can invest in the Mahila Samman Savings Certificate Scheme.
Completely safe scheme
Under this scheme, the minor account is opened by the guardians. MSSC is a government-backed scheme and it is 100 percent safe. At present, interest is given at the rate of 7.5 percent on this scheme of the Government of India.
Interest will be available up to Rs 32,044
Under the scheme, compound interest on the deposit amount is added on a quarterly basis. If a woman invests a maximum of Rs 2 lakh in MSSC, she will get a total interest of Rs 32,044 during the invested period. The maturity amount after 2 years will be Rs 2,32,044. The deposit amount in the scheme can also be withdrawn before time. Only 40 percent of the amount can be withdrawn within one year of investment.
How much can one invest
More than one account can be opened in this scheme, but the second account can be opened only after three months of opening the first account. The total deposit in all the accounts under MSSC cannot exceed Rs 2 lakh. At least Rs 1,000 can be deposited in one account. Apart from this, the amount can be deposited in multiples of 100.
Tax saving is also available
In this scheme of the Government of India, the investor also gets the benefit of tax exemption under Section 80C of Income Tax. If the account holder dies before maturity after the scheme is started, the nominee can claim the deposited capital. If the account is closed prematurely for any reason, interest will be given on the basis of 5.5 percent. Tax has to be paid on the interest earned in this scheme. TDS is deducted on interest.
How to open an account
To avail the benefit of Mahila Samman Savings Certificate Scheme, you can go to the nearest post office or bank. You can start your investment by filling the form of this scheme. After the scheme starts, you will be given a certificate, which has to be kept for 2 years.
