Outlook Money
The Mahila Samman Savings Certificate is a social security scheme for women and girls.
Mahila Samman Savings Certificate aims to promote savings for female children and ensure financial independence.
The scheme requires a minimum deposit of Rs. 1,000 and a maximum deposit of Rs 2 lakh.
One can open multiple accounts with a gap of three months between each account, a parent can also open an account on behalf of a minor child.
Mahila Samman Savings Certificate offers 7.5 per cent interest rates.
MSSC is a one-time investment with a lock-in period of two years.
The scheme allows premature closure six months after account opening under exceptional circumstances. However, the returns will be at 5.5 per cent.
The invested amount and the interest accrued will be returned to the eligible nominee if the guardian or the accountholder dies.
Compiled By Himani Verma