Mahila Samman Savings Certificate vs Other Saving Schemes

The government of India has announced the Mahila Samman Saving Certificate scheme and all eligible girls or women can open their Mahila Samman Saving account to earn an interest of 7.1.% per annum. However, it is also a good practice to compare various saving schemes and invest in the best possible one as per your needs and requirements.

Thus, let’s compare the prominent saving scheme in India against the Mahila Samman Saving Scheme to understand the pros and cons. This comparison will help you make well-informed decisions and choose the best scheme as per your needs.

Mahila Samman Savings Certificate Scheme Highlights

Mahila Samman Savings Scheme Interest Rate	7.5% p.a
Tenure (Lock-in Period)	2 Years
Eligibility	Open to any Girl Child and Woman
Deposit Limit	₹1000 to 2 Lakhs
Withdrwal	Partial withdrawal is possible after one year

MSSC Vs Other Small Savings Schemes

Choosing the best scheme for yourself can be confusing, but you can easily find the right fit by referring to the quick information provided below.

Mahila Samman Savings Certificate vs. PPF

Features	MSSC	PPF
Check the eligibility	Women & girls	Indian citizen
Expect this interest rate	7.5%	7.1%
Note the tenure	2 years	15 years
Options for premature withdrawal	40% withdrawal after one year is allowed	50% withdrawal annually from the 7th year
Deposit limit	Min: ₹1,000/-Max: ₹2,00,000/-	Min: ₹500/-Max: ₹1,50,000/-
Tax benefits on interest earned	NO (Under Section 80C)	NO (Under Section 10, I.T. Act)

Mahila Samman Savings Certificate Vs National Savings Certificate

Features	MSSC	NSC
Check the eligibility	Women & girls	An Indian citizen – Adults & minors (10+ years)
Expect this interest rate	7.5%	7.7%
Note the tenure	2 years	5 years
Options for premature withdrawal	40% withdrawal after one year is allowed	Only under specific circumstances
Deposit limit	Min: ₹1,000/-Max: ₹2,00,000/-	Min: ₹1,000/-Max: No limit
Tax benefits on interest earned	NO (Under Section 80C)	Tax rebate (Under Section 80C, I.T. Act)

Mahila Samman Savings Certificate (MSSC) Vs Sukanya Samriddhi Yojana (SSY)

Features	MSSC	SSY
Check the eligibility	Women & girls	Young girl (under 10 years)
Expect this interest rate	7.5%	8%
Note the tenure	2 years	21 years
Options for premature withdrawal	40% withdrawal after one year is allowed	After 21 years of account opening or at turning 18 years (upon marriage)
Deposit limit	Min: ₹1,000/-Max: ₹2,00,000/-	Min: ₹250/-Max: ₹15,00,000/-
Tax benefits on interest earned	NO (Section 80C)	NO(Under Section 10 of I.T. Act)

To calculate your Mahila Samman Savings Certificate Scheme Maturity Amount with ease open the Mahila Samman Savings Scheme Calculator and enter the amount you want to invest. The calculator will help you know your maturity amount.

Also Read: Mahila Samman Saving Scheme Is Now A Post Office Away

In Conclusion:

Secure your financial future with the MSSC scheme. It’s a powerful investment tool offering a fixed interest rate of 7.5% and government-backed security! Fill out the Mahila Samman Savings Certificate form, empower yourself and take control of your own future; through this scheme, we can build a more financially independent and brighter tomorrow!