MSSC vs SSY: If you are also thinking of investing in either Mahila Samman Saving Certificate Scheme or SSY, then the details of these schemes are given here.
MSSC vs SSY: In Budget 2023, Finance Minister Nirmala Sitharaman had announced a special savings scheme for women. This scheme is Mahila Samman Saving Certificate. This is a small savings scheme, which has been specially designed for women. The government keeps launching many schemes to make women self-reliant. The name of one of those schemes is Sukanya Samriddhi Yojana. In such a situation, this question arises in the minds of most of the people that which scheme is better between Mahila Samman Saving Certificate and Sukanya Samriddhi Yojana.
Know about Mahila Samman Saving Certificate Scheme
Mahila Samman Saving Certificate is a scheme launched especially for women, in which you can invest for two years. Under this scheme, a minimum amount of Rs 1000 and maximum Rs 2 lakh can be invested. The government is offering interest at the rate of 7.5 percent on the amount deposited in the account. This interest is credited to the account on quarterly basis. Along with this, after the first year the account holder gets the facility of withdrawal of up to 40 percent of the amount. If you open MSSC account in October 2023, your account will mature in October 2025.
To open this account you can visit bank or post office. Go there and fill an account opening form and enter the information of KYC documents like Aadhaar and PAN. After this, deposit money into the account through cash or cheque. After this your MSSC account will be opened. The special thing about this scheme is that women of any age group can open an account in it.
Know about Sukanya Samriddhi Yojana-
Sukanya Samriddhi Yojana has been launched especially for girls. Under this scheme, SSY account of a girl child up to 10 years can be opened. Under this scheme, the benefit of interest at the rate of 8 percent is available on the deposited amount. Under this scheme, you can invest a minimum of Rs 250 and a maximum of Rs 1.50 lakh every financial year. Under this scheme, you can invest till the girl child completes 15 years of age. After this, at the age of 18 years, the girl can withdraw 50 percent of the amount for studies and at the age of 21, she can withdraw the entire money from the account. Under this scheme, you can get the benefit of exemption up to Rs 1.50 lakh under Section 80C of Income Tax. You can also open this account in any nearest bank or post office.
Which scheme is better?
Both MSSC and SSY schemes have been specially designed for women, but there is a lot of difference between the two. Mahila Samman Saving Certificate Scheme is a short term savings scheme, while Sukanya Samriddhi Yojana is a long term savings scheme. Any woman can invest in MSSC account, whereas SSY has been made only for girls. In such a situation, you can choose any scheme according to your goal. If you want to invest in a long term scheme then SSY is a better option. Whereas for short term Mahila Samman Saving Certificate Scheme can prove to be a good option.
