Mahila Samman Saving Certificate vs Sukanya Samriddhi Yojana: There are many such schemes of the government, the benefits of which directly benefit the women or girls.
Mahila Samman Saving Certificate vs Sukanya Samriddhi Yojana: There are many such schemes of the government, the benefits of which directly benefit the women or girls. For example, there is Sukanya Samriddhi Yojana (SSY) for daughter’s marriage or better future. Similarly, in the general budget this year, Finance Minister Nirmala Sitharaman launched a special savings scheme for women named Mahila Samman Savings Certificate (MSSC). In both these schemes, the government gives interest on investment. Let us know which scheme is the better option between Sukanya Samriddhi and Mahila Samman Savings Certificate.
Sukanya Samriddhi Yojana
Narendra Modi government had started this scheme in its first term. This scheme is for girls up to 10 years of age. Under this, a daughter’s account can be opened even for a nominal amount of Rs 250. The government gives 8% interest on it. A maximum of Rs 1.50 lakh can be invested annually in the scheme. 50% withdrawal can be made for the studies of the daughter at the age of 18 years. At the same time, there is a provision to withdraw money for marriage at the age of 21 years. Under Section 80C of Income Tax, exemption up to Rs 1.50 lakh is available. This account can be opened in any bank or post office.
Mahila Samman Savings Certificate
The investment period in this scheme, launched this year, is two years. The investment limit is from minimum Rs 1000 to maximum Rs 2 lakh. Whereas the government gives 7.5% interest, which is deposited on quarterly basis. After the first year, account holders can withdraw up to 40% of the amount. Suppose the account is opened in October 2023, it will mature in October 2025. An account will be opened in any bank or post office.
