Sitharaman introduced a special savings plan for women called the Mahila Samman Saving Certificate Scheme.
This plan is designed specifically for women, and you can earn good returns by investing for two years.
Another option for strong returns is the Sukanya Samriddhi Yojana, intended for girls up to 10 years old.
Both schemes cater to the needs of women, providing opportunities for strong returns. Let’s delve into the details of each:
Women Savings Certificate Scheme
This scheme is open to women of any age, with a maximum investment of Rs 2 lakh.
Investing in this scheme for 2 years can fetch you a fixed interest rate of 7.50 percent. Additionally, there is a rebate of Rs 1.50 lakh available under Section 80C of Income Tax.
If you invest Rs 2 lakh in December 2023, you can expect to receive Rs 2,32,044 lakh upon maturity.
Sukanya Samriddhi Yojana
Introduced by the Modi government in 2014, this scheme is designed for the benefit of women.
Parents can open a Sukanya Samriddhi account for girls under 10 years old, offering significant returns by investing Rs 250 to Rs 1.50 lakh per year.
The scheme allows the girl to withdraw up to 50 percent of the deposited amount after turning 18, with the entire amount accessible at the age of 21.
Investing in this scheme ensures financial security for your daughter’s education
and marriage expenses, with the government providing an 8 percent interest rate on the deposited amount.
MSSC vs SSY
Both Mahila Samman Savings Certificate and Sukanya Samriddhi Yojana cater to the needs of women.
However, it’s important to note that MSSC is a short-term savings scheme, while SSY is a long-term savings scheme.
Choosing Sukanya Samriddhi Yojana provides the advantage of long-term financial planning for your daughter’s education and marriage expenses.
On the other hand, Mahila Samman Savings Certificate offers the potential for higher returns in the short term
