Mahila Samman Savings Certificate Calculator
The Mahila Samman Savings Certificate calculator is a tool that helps you calculate the interest earned on your investment in the MSSC. With this calculator, you can easily determine the total interest earned and the final amount you will receive at the end of the two-year term.
Empowering Women through Financial Independence: The Mahila Samman Savings Certificate
In a bid to promote financial inclusion and empowerment among women, the Indian government has introduced the Mahila Samman Savings Certificate (MSSC). This savings scheme is designed exclusively for women and girls, offering a secure and attractive investment option with an attractive interest rate.
Key Features of the Mahila Samman Savings Certificate
- Eligibility: The MSSC is open to women and girls of all ages, promoting female participation in savings.
- Investment Limit: The minimum investment limit is ₹1,000, and the maximum limit is ₹2 lakh.
- Tenure: The MSSC has a tenure of two years, making it a short-term investment option.
- Interest Rate: The scheme offers an attractive interest rate of 7.5% per annum, compounded quarterly.
- Tax Benefits: While the interest earned is taxable, the investment itself does not qualify for tax deductions under Section 80C.
Benefits of the Mahila Samman Savings Certificate Scheme
- Financial Independence: The MSSC helps women take control of their financial futures, fostering independence.
- Safety and Security: As a government-backed scheme, the MSSC is a safe investment option.
- Encouragement to Save: The attractive interest rate and accessible investment limit motivate women to start saving.
- Short-Term Commitment: With a two-year tenure, it allows easy access to funds when needed.
How to open an Account
To open an MSSC account, women can visit their nearby post office or approved bank with the required documents, including identification and address proof.
Withdrawal and Premature Closure
The MSSC allows partial withdrawal after one year of account opening, with a maximum limit of 40% of the deposited amount. Premature closure is also possible, with interest paid at a reduced rate of 5.5% for the said period.
Frequently Asked Questions
- Who is eligible to invest in the Mahila Samman Savings Certificate?
- Only women and girls are eligible to invest in the MSSC, promoting female participation in savings.
- What is the maximum investment limit for the MSSC?
- The maximum investment limit is ₹2 lakh, with a minimum investment of ₹1,000.
- Can the interest earned on the MSSC be reinvested?
- Yes, the interest is compounded quarterly, which means it is added to the principal amount, allowing for further interest accumulation.
- What happens if the account holder passes away?
- The savings certificate can be transferred to the nominee in the event of the account holder's death.
- Is the interest rate fixed?
- Yes, the interest rate of 7.5% per annum is fixed for the entire tenure of the investment, ensuring predictable growth for savers.
- How can I open an MSSC account?
- You can open an MSSC account at designated banks and post offices. Required documents typically include identification and address proof.