MSSC is a scheme in which women and girls get a fixed interest of 7.5 per cent on investing up to Rs 2 lakh for two years. Mahila Samman Savings Certificate scheme is being run by the Post Office and banks.
There is a facility to invest a minimum of Rs 1000 and a maximum of Rs 2 lakh in this scheme. In this, after two years the entire money including the deposit amount and interest is received. Investments in this scheme can be made only till 31 March 2025.
The interest in this Scheme is 7.5 per cent per annum. For eg, if one invests Rs 1 lakh in this scheme, they will get around Rs 1.16 lakh at the time of maturity at the interest rate of 7.5 per cent. Whereas one has invested Rs 2 lakh, then after 2 years at a 7.5 per cent interest rate, he/she will get around Rs 2.32 lakh. That means a maximum interest of Rs 32,044 can be earned.
For investing in MSSC, a woman can open an account in the post office or authorized banks. The special thing is that women of any age can invest in it. While opening an account, one has to fill out Form-1. Also, KYC documents like Aadhar cards, PAN cards and photographs will be necessary.
According to a notification issued by the Finance Ministry in 2023, investments made under this scheme are not exempted under Section 80C of the Income Tax Act. Tax will have to be paid for the interest earned on this.
The application for opening an account under the Mahila Samman Savings Certificate Scheme can be made by the woman herself or by the guardian on behalf of the minor girl. Only women can open accounts under this scheme.
Compiled by Syed Muskan