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 |
Mahila Samman Savings Certificate Scheme Vs Other Small Savings Schemes: Which is Better?
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 (MSSC) Vs Public Provident Fund (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 (MSSC) Vs National Savings Certificate (NSC)
| 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.
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!
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FAQs
A. The Mahila Samman Savings Certificate 2023 is a two-year plan (from April 2023 to March 2025) that helps women and girls save up to Rs. 2 lakhs at a fixed interest rate. This program promotes their financial independence, providing a safe way to save and invest, and aims to break barriers and improve communities by empowering women economically.
A. The minimum amount required to open a mahila samman certificate is ₹1,000/-
A. No, Mahila Samman Savings Certificate is non-taxable.
A. The maturity period of Mahila samman savings certificate is 2 years.
A. Yes, it is available in all Public Sector Banks and qualified Private Sector Banks.
A. Yes. The interest rate of Mahila samman savings certificates is higher compared to that of FDs from the banks.
