New Delhi, October 7 (IANS). In India, many women-centric savings schemes are run by the government. One such scheme is ‘Mahila Samman Savings Certificate’ (MSSC). This scheme has been brought especially for women. You can invest in this scheme till March 2025. Investment is made in this for two years and you can deposit a maximum amount of up to Rs 2 lakh.
This scheme has been brought with the aim of encouraging women to save and invest. Any woman can invest in Mahila Samman Savings Certificate Scheme.
Under this scheme, minor account is opened by the parents. MSSC is a government supported scheme and it is 100 percent safe. At present, interest is given at the rate of 7.5 percent on this scheme of the Government of India.
Compound interest on the amount deposited under the scheme is added on quarterly basis. If a woman invests a maximum of Rs 2 lakh in MSSC, she will get a total interest of Rs 32,044 during the investment period. The maturity amount after 2 years will be Rs 2,32,044. The amount deposited in the scheme can also be withdrawn prematurely. Only 40 percent of the amount can be withdrawn in one year of investment.
More than one account can be opened in this scheme, but the second account can be opened only after three months of opening the first account. The total deposit under MSSC in all accounts combined cannot exceed Rs 2 lakh. A minimum of Rs 1,000 can be deposited in an account. Apart from this, the amount can be deposited in multiples of 100.
In this scheme of the Government of India, the investor also gets the benefit of tax exemption under Section 80C of Income Tax. After the commencement of the scheme, if the account holder dies before maturity, the nominee can claim the deposited capital. If the account is closed prematurely for any reason, interest will be given on the basis of 5.5 percent. Tax has to be paid on the interest earned in this scheme. TDS is deducted on interest.
To avail the benefits of Mahila Samman Savings Certificate Scheme, you can go to the nearest post office or bank. You can start your investment by filling the form of this scheme. After the start of the scheme, you will be given a certificate, which will have to be kept for 2 years.
–IANS
SKT/ABM
