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Grow your money by 7.5% in this Government backed scheme in just 2 years. Click to know more on this empowering Women scheme..

May 13, 2023 ,

 

MSSSC


Grow your money by 7.5% in this Government backed scheme in just 2 years. Get to know more on this empowering Women scheme..
As you know, in India the women were not getting too much of respect earlier because they were doing all the work inside their house only. They were limited to external exposures for earning moneyeven though a few were able to do so because their parents were progressive that time.
When they were not earning, that means they were not getting too much of respects from others,even though the respect for them was only through the name of their husbands/father/sons.
But one thing they were doing very good is that they were able to manage the home properly.And they had a very good savings nature where they were able to gather some money for a period oftime, due to which they were also helpful to their husbands/family members when any need was arising.
Now-a-days, many girls/ladies are doing so good in their life and many are doing exceptionally well.But it is also Govt.'s responsibility to uplift the girls/women at the rural or economically back-ward sidesby infusing the idea of savings or investments.
You know Govt comes up with many plans or schemes only for girls/ladies. I am going to pick one such scheme dedicated for women introduced as a small savings scheme in 2023 budget.

This plan is none other than "Mahila Samman Savings Scheme Certificate" backed by Govt. Of India offered by Indian Post Office.
Table of Contents:

What is Mahila Samman Savings Scheme Certificate?


The Mahila Samman Savings Scheme Certificate is a government-backed initiative designed exclusively 
for women. It offers a safe and attractive investment opportunity with a long-term savings plan. 
The scheme encourages women to save and invest their money with huge participation
while providing them with competitive interest rates.


Interest Rate


The depositor will get 7.5 per cent interest per annum, compounded quarterly and credited in account 
and paid at the time of closure of account..

Key Features & Benefits


Financial Security: The scheme provides financial security to women by encouraging regular savings 
and offering attractive interest rates which will eventually build a corpus over time for emergencies 
or future financial goals.

Higher Interest Rates: The scheme offers competitive interest rates to maximize their returns, which are often higher than those offered by traditional savings accounts. 

Financial Empowerment: The scheme plays promotes financial literacy and 
independence among women and it encourages them to take charge of their finances, make informed 
investment decisions, and build a strong foundation for their economic well-being.

Minimal Documentation: The scheme requires minimal documentation making it easily accessible 
to women from diverse backgrounds. This simplicity encourages more women to participate and 
take advantage of the benefits offered by the scheme.

Government Support: As a government-backed initiative, the Mahila Samman Savings Scheme 
Certificate increases confidence and trust among women. They can rely on the scheme's 
credibility and feel assured that their savings are protected. basically you don't have to worry 
on the market fluctuations. 

Deposit and Withdrawal


  • Minimum 1000 rupees and maximum 200000 (2 lakhs) rupees can be deposited in an account or all account hold by an account holder.
  • A time gap of three months shall be maintained between existing account and the opening of other account.
  • You can withdraw 40% of eligible balance can be taken after one year from the date of account opening. 
  • After two years from the date of opening of this account, this plan will be matured and eligible balance will be paid to the depositor.

Pre-mature closure


(i) On the death of the account holder
(ii) On extreme Life threatening decease of account holder or death of the guardian on production of relevant 
documents.
Note:-Scheme interest will be paid on principal amount.
(iii) After six months of account opening without mentioning any reason.
Note:-Scheme interest less by 2 per cent will be paid e.g. 5.5%.

Scenarios:

Scenario#1:


As a lady, suppose you invest 200000 (2 Lakhs) rupees in this scheme, then you will get 232044 rupees as 
maturity amount after 2 years with 7.5% as return interest percentage. 


Scenario#2:


As a lady, suppose you invest 100000 (1 Lakh) rupees in this scheme, then you will get 116022 rupees as 
maturity amount after 2 years with 7.5% as return interest percentage. 

Scenario#3:


As a lady, suppose you invest 50000 (50 thousand) rupees in this scheme, then you will get ₹57902 rupees as 
maturity amount after 2 years with 7.5% as return interest percentage. 



Calculation Table:

MSSSC



Isn't it amazing? You simply got around 8000, 16000 and 32000 rupees
In just 2 years with this scheme securely and safely, whereas you would have got
Just 14000, 7000 and 3500 rupees respectively by keeping the money in a savings bank 
Account. 


Eligibility and Who can open:


Any girl or woman from India can open this account. 
You just need to visit Post office and ask for opening a Mahila Samman savings certificate by paying just even minimum 1000 rupees and give the necessary documents and fill the form. 
Once done, receive the certificate acknowledging the investment and start enjoying the benefits of the scheme.


Tax Benefits

Govt has not yet disclosed if the return is tax free or not. But since we see it a short term investment, we will consider it as a taxable product. 

Comparison with SSY


We even saw a very good scheme for girls as SSY giving 8% interest rate, but that is a long-term product, and a girl can withdraw the amount after she is matured. Normally it is after 21 years from the date of account opening or on marriage at 18 years of age. It can only be opened for a girl till she is 10 years of age.

If you still have not gone through that blog, you can click on link below to find full details. 


This MSSSC scheme is short term scheme and max investment amount is also less like 2 Lakhs. it gives 7.5% interest rate and any women, including minor can open this account.

Hope I have given all the details you were looking for. if you still have any doubt, please put your query in comment section. 


Conclusion


The Mahila Samman Savings Scheme Certificate not only ensures their economic well-being but also contributes to the overall growth and development of the nation by harnessing the potential of women as a driving force for progress. This is also a testament to the Indian government's commitment to women's empowerment and financial inclusion.


In this post, I have shared with you the necessary information related to How to Grow your money by 7.5% in this Government backed Mahila Samman Savings Scheme Certificate scheme in just 2 years. Hope I was able to provide all the information you wanted to know. If you like our post, then do share it with your friends and family and stay connected with our website (newswisestories.blogspot.com) to get other such important information.


Happy Investing 🙏


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