Introduction: Investing in financial instruments that cater specifically to women and girls can be empowering and financially rewarding. The Mahila Samman Saving Certificate (MSSC) 2023 is one such scheme introduced to commemorate the Azadi ka Amrit Mahotsav, exclusively designed for the financial well-being of women and girls.
In her Budget Speech for 2023-24, Union Finance Minister Smt. Nirmala Sitharaman unveiled this small savings scheme, emphasizing its significance in fostering economic independence.
If you’re looking for an investment that can increase your income in the short term, you may want to consider the Mahila Samman Saving Certificate.
✔ The scheme is exclusively designed for women and girls and is introduced to commemorate the Azadi ka Amrit Mahotsav.
✔ The Mahila Samman Savings Certificate is a one-time scheme that will be available for two years, from April 2023 to March 2025.
It offers a maximum deposit facility of up to Rs.2 lakh in the name of women or girls, with a fixed interest rate of 7.5% p.a. This scheme can be availed of at post offices and authorized banks.
✔ Find below a brief summary of the Mahila Samman Saving Certificate Scheme:
1. Mahila Samman Saving Certificate Scheme Overview:
– Name: Mahila Samman Saving Certificate, 2023
– Availability: From April 1, 2023, to March 31, 2025
– Interest Rate: 7.5% per annum.
– Maximum Deposit: Rs.2 lakh
– Maturity Period: Two years
2. Eligibility:
– The scheme is specifically designed for women and girls.
– The account can be opened by either a woman or a guardian of a minor girl child.
3. Mahila Samman Saving Certificate Scheme Deposit Limits:
– The minimum deposit amount is Rs.1,000, which must be in multiples of Rs.100.
– The maximum deposit amount is Rs.2 lakh per account. However, a second account can be opened after three months.
4. Maturity and Withdrawal:
– The maturity period is two years.
– Partial withdrawal (up to 40% of the deposit) is allowed after one year.
5. Tax Benefits:
– No TDS (Tax Deduction at Source) is applicable on interest if it does not exceed Rs. 40,000 in a financial year.
6. Interest Rate:
– The interest rate is fixed at 7.5% per annum and credited quarterly.
7. Premature Closure:
– The account can be closed prematurely under the following conditions:
– After six months without any reason (interest rate: 5.5%).
– On the death of the account holder (interest paid on principal).
– On extreme compassionate grounds (interest paid on principal).
8. Authorized Banks:
– Public sector banks and qualified private sector banks, including:
– Bank of Baroda
– Canara Bank
– Bank of India
– Punjab National Bank
– Union Bank of India
– Central Bank of India
9. How to Open:
– Post Office:- Download the application form or obtain it from the Post Office.
– Fill out the form, submit it with the required documents, and make the deposit.
– Receive the certificate as proof.
– Banks:- Fill out the application form, and submit it with the necessary documents to the bank.
– Make the deposit with the bank officials.
– Receive the certificate as proof.
10. Documents Required:
– Application form
– KYC (documents Aadhaar, Voter ID, driver’s license, PAN card)
– KYC form for new account holders, Pay-in-Slip or cheque for deposit.
Here’s a short calculation example for money calculation:-
If you invest Rs. 2,00,000 at 7.5% per annum, you will earn an interest of Rs. 15,000 in the first year.
In the second year, you will earn an interest of Rs. 16,125.
At the end of the second year, the total amount you will receive is Rs. 2,31,125 (initial investment + interest for two years).
Conclusion: The Mahila Samman Saving Certificate presents a unique opportunity for women and girls to secure their financial future. With its attractive interest rate, tax benefits, and flexibility, this scheme stands out as a viable investment option. By investing in MSSC, individuals can not only increase their income but also contribute to the financial empowerment of women and girls, promoting independence and education. Consider this scheme for its higher interest rates compared to FDs and other savings options, reaping the benefits of both income growth and savings.
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