Post Office Scheme: The Post Office Mahila Samman Savings Certificate (MSSC) scheme has been launched with the aim of providing economic empowerment to women and girls through investment.
This scheme is designed to give good returns to women in a short time and the government is going to continue it till 2025.
Who can open an account?
Under this scheme, an Indian woman of any age can open an account. Apart from this, male guardians can also open an account for their minor daughter. This scheme also provides an opportunity for minor girls to invest in financial products.
Rate of interest
Mahila Samman Saving Certificate earns 7.5% annual interest, which is added to the account every quarter, but interest and principal are received only on maturity. Investing in this scheme is exempted under Income Tax Act 80C, but tax has to be paid on the interest earned and TDS is also deducted.
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Income in 2 years
If you invest Rs 2 lakh in MSSC for 2 years, you will get Rs 2.32 lakh on maturity. It works like an FD. To open an account, you have to visit the nearest post office and submit the form, KYC documents like Aadhaar and PAN card and pay-in-slip.
Rules of MSSC
- The account can be closed on the death of the account holder.
- In case of emergency, the account can be closed if the life of the account holder is in danger.
- The account can be closed after six months of opening the account without giving any reason, but then you will get 2% less interest i.e. 5.5% interest.
Investment
- Minimum investment amount: Rs 1000 and in multiples of 100.
- Maximum investment limit: Rs 2 lakh per account.
- There should be a gap of at least 3 months for the second account.
- 40% of the money can be withdrawn after 1 year of opening the account.
Mahila Samman Savings Certificate Scheme is an important financial product for women, which provides them with a safe and profitable investment opportunity.
