Mahila Samman Savings Certificate: All You Need To Know

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What Is Mahila Samman Savings Certificate

Mahila Samman Savings Certificate is a Post Office Saving Scheme For Women. In this a woman or guardian can open multiple MSSC accounts in the name of a minor girl, with each account having a maximum limit of Rs 2 lakh.

Investment Cap

This scheme caters to investments ranging from a minimum of Rs 1000 to a maximum of Rs 2 lakh. An investor would receive the total amount, upon maturity after two years, comprising both the initial deposit and accrued interest.

Yield Of The MSSC Investment

The Scheme presents an annual interest rate of 7.5 percent. For instance, placing Rs 1 lakh in this scheme could yield an estimated Rs 1.16 lakh upon maturity, given the 7.5 percent interest rate.

How To Initiate An MSSC Account

To commence an investment in the MSSC, women have the option to open an account either at the post office or authorized banks. Women of any age can participate in it, and for minors, parents can open an account in their name.

Savings

Documents Required

Upon opening an account, applicants will be required to complete Form-1. Additionally, submission of KYC documents such as an Aadhar card, PAN card, and a photograph will be mandatory.

Tax Implications

Investments made within this scheme do not qualify for exemption under Section 80C of the Income Tax Act. Taxation applies to the interest accrued from these investments.

Compiled By Manas Malhotra