Centre is unlikely to extend Mahila Samman Savings Certificate Scheme

Mahila Samman Savings Certificate (MSSC) Scheme

Introduction:

The Mahila Samman Savings Certificate (MSSC) Scheme is a one-time initiative announced in Budget 2023. It is available for two years, up to March 2025, and is designed to be risk-free, benefiting women and girls of all ages.

Benefits:

• Encourages women to adopt formal financial saving instruments.

Features:

Eligibility: Any individual woman. Minor accounts can be opened by guardians.

Investment:

• Minimum deposit: Rs 1000.
• Deposits in multiples of Rs 100, with a maximum of Rs 2 lakh.

Interest Rate: 7.5% fixed interest rate, compounded quarterly.

Maturity Period:

• Lock-in period: 2 years.
• Partial withdrawal allowed: Up to 40% after one year.

Multiple Accounts: A second account can be opened after a 3-month gap, with the total deposits across all accounts not exceeding Rs 2 lakh.

Tax Benefits: No tax benefits available under this scheme.

Sukanya Samriddhi Yojana (SSY)

Purpose: To promote girl child education and savings for her future.

Launched Under: Beti Bachao Beti Padhao campaign.

Account Holder: The account holder must be a girl child.

Deposit Information:

• Minimum deposit: Rs. 250 per year.
• Maximum deposit: Rs. 1.5 lakh per year.
• Deposit period: 15 years.
• Maturity: After 21 years.

Benefits:

• Tax benefits.
• High interest rate.

Operated by:

• Parents or legal guardians until the girl turns 18.

Offered By: Banks and post offices.