Mahila Samman Savings Certificate: Women, as well as parents on behalf of their minor daughters, can open a Mahila Samman Savings Certificate (MSSC) account at any post office. This scheme provides a wonderful savings option for women to secure their future.
To open an MSSC account, a minimum deposit of Rs 1000 is required, and subsequent investments can be made in multiples of Rs 100. However, the maximum investment limit is Rs 2 lakh. You have the flexibility to deposit the entire amount in a single MSSC account or distribute it across multiple MSSC accounts. It’s important to note that the total amount deposited in all MSSC accounts, belonging to a woman or a minor girl, should not exceed Rs 2 lakh.
Rules of Mahila Samman Yojana
Under the MSSC scheme, women can open multiple accounts and invest their savings. However, there is a rule that requires a three-month gap between opening each account. This means that if you open an account today, the next account can be opened after three months.
Calculation and Savings
Let’s understand the calculation and savings under the scheme. If you save just Rs. 267 daily, by the end of the month (after 30 days), you will have a total of Rs. 8,010. After three months, your savings will grow to Rs. 24,030. You can then invest Rs. 24,000 in a new MSSC account. This account will earn an interest rate of 7.5%. After a maturity period of two years, you can expect to receive around Rs. 27,845. By investing Rs. 24,000 every quarter in the MSSC account, you can withdraw approximately Rs. 27,845 every three months for a period of two years.
Interest Payment Every Three Months
Interest is provided every three months in the MSSC account. The interest amount is deposited into your account, but the payment is made only after the account is closed. As per the rules, after one year from the date of account opening, MSSC account holders are allowed to withdraw 40% of the total amount.