MSSC Scheme: Taking a significant step to support empowerment and financial independence, the Government of India has launched the Mahila Samman Savings Certificate (MSSC) Scheme. The scheme, launched by Finance Minister Nirmala Sitharaman during last year’s budget, will be effective from April 1, 2023.
Union Minister Smriti Irani opened MSSC account at the Main Post Office at Sansad Marg in New Delhi, highlighting her support for the scheme which aims to encourage women to invest.
Designed as a women-centric small savings investment scheme, MSSC allows investments ranging from Rs 1,000 to Rs 2,00,000 for a tenure of up to two years. Currently it offers an attractive interest rate of 7.5 percent. The scheme is open for investments till March 31, 2025, giving women an opportunity to secure these benefits by investing before this deadline.
Understanding MSSC Scheme
Mahila Samman Savings Certificate Scheme stands out as a unique fixed deposit-like investment opportunity. It is a one-time deposit scheme that offers higher interest rates compared to other small savings schemes like National Savings Certificate, Public Provident Fund and Monthly Income Scheme.
With a guaranteed annual return of 7.5 percent and a maturity time of only two years, it presents an attractive option for investors. Notably, the scheme allows partial withdrawals, which increases its flexibility.
A commendable aspect of the MSSC scheme is its inclusivity, with no age restrictions for deposits. The name can be invested in for a girl or woman of any age, making it a versatile option for women at different life stages.
For those looking to invest, opening an account is straightforward, requiring basic KYC documents like Aadhaar card, PAN card and color photograph. Additionally, a guardian account can be opened for a minor girl child, thereby increasing the reach of the scheme.
Partial Withdrawals and Investment Returns
In this scheme, after completion of one year, investors have the option of partial withdrawal up to 40 percent of the deposited amount. This means that for a maximum deposit of Rs 2 lakh, up to Rs 80,000 can be withdrawn after a year. This facility provides liquidity and financial flexibility to investors.
The returns on investment under the MSSC scheme are promising. For example, an investment of Rs 50,000 gets Rs 8,011 interest in two years, which makes a total maturity amount of Rs 58,011.
Similarly, higher investments like Rs 1,00,000, Rs 1,50,000 and Rs 2,00,000 yield maturity amounts of Rs 1,16,022, Rs 1,74,033 and Rs 2,32,044, respectively, indicating the scheme’s ability to deliver adequate returns. It reflects.
Mahila Samman Savings Certificate Scheme not only supports financial empowerment among women but also provides an attractive investment opportunity with its attractive interest rates and flexible features. With the investment deadline set for March 31, 2025, there is a clear opportunity for women across India to benefit from this initiative.
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