The Post Office Mahila Samman Savings Certificate (MSSC) scheme has been launched to empower women
and girls economically through investment. This scheme offers good returns in a short period and will be available until 2025.
Who Can Open an Account?
Indian Women: Any Indian woman, regardless of age, can open an account under this scheme. Minor Girls: Male guardians can open an account for their minor daughters.
Investment Opportunity: This scheme also allows minor girls to invest in financial products.
Interest Rates and Taxation
Interest Rate: The Mahila Samman Savings Certificate offers an annual interest rate of 7.5%.
Interest is added to the account quarterly, but both the interest and principal are received only at maturity.
Tax Benefits
Investments in this scheme are exempt under Income Tax Act 80C. However, tax is payable on the interest earned, and TDS (Tax Deducted at Source) is also applied.
Returns on Investment
Investment Example: If you invest Rs 2 lakh in MSSC for 2 years, you will receive Rs 2.32 lakh at maturity. The scheme functions similarly to a fixed deposit (FD).
Account Opening: To open an account, visit the nearest post office with the completed form, KYC documents (Aadhaar and PAN card), and a pay-in-slip.
Account Rules and Withdrawal
Account Closure: The account can be closed in case of the account holder’s death or if their life is in danger due to an emergency.
Early Closure: You can close the account after six months of opening it, but the interest rate will be reduced by 2%, giving you 5.5% interest.
Investment Limits and Withdrawals
Minimum Investment: Rs 1,000, and additional investments must be in multiples of Rs 100.
Maximum Investment: Rs 2 lakh per account.
Second Account: There must be a gap of at least 3 months before opening a second account.
Withdrawals: After 1 year, you can withdraw up to 40% of the investment.
The Mahila Samman Savings Certificate Scheme is a valuable financial product for women, offering a secure and profitable investment opportunity.
