Sukanya Samriddhi Yojana vs Mahila Samman Savings Certificate, Which One Suits You Best? – News18
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Announced in the Union Budget 2023, the Mahila Samman Savings Certificate is a new, one-time small savings scheme for women and girls.
Women-Centric Savings Plans: Sukanya Samriddhi Yojana vs Mahila Samman Savings Certificate
Sukanya Samriddhi Yojana vs Mahila Samman Savings Certificate: The government of India has introduced various savings schemes tailored for women and girls, aimed at addressing socio-economic challenges and encouraging financial independence. These initiatives strive to include women in the financial mainstream and promote gender equality by empowering them to save and invest for the future.
Two such schemes, the Mahila Samman Savings Certificate (MSSC) and the Sukanya Samriddhi Yojana (SSY), cater to specific goals and audiences. Let’s explore their features, benefits, and differences to help you decide which one suits your needs better.
What Is the Mahila Samman Savings Certificate (MSSC)?
Announced in the Union Budget 2023, the Mahila Samman Savings Certificate is a new, one-time small savings scheme for women and girls.
Key Features:
- Tenure: 2 years.
- Interest Rate: 7.5% fixed, with a partial withdrawal option.
- Eligibility: Open to all resident Indian women. Minors can also be account holders, with guardians managing the account.
- Deposit Limits: Minimum Rs 1,000 and maximum Rs 2 lakh. Deposits must be made in multiples of Rs 100.
How to Apply?
The scheme is available through banks and post offices across India.
The MSSC is available only for a limited period, from April 2023 to March 2025.
Why Choose MSSC?
Experts suggest MSSC is a great alternative to fixed deposits for short-term financial goals, especially for women seeking secure and stable returns.
What Is the Sukanya Samriddhi Yojana (SSY)?
Launched in 2015 under the Beti Bachao Beti Padhao campaign, Sukanya Samriddhi Yojana aims to provide financial security for the education and marriage expenses of a girl child.
Key Features:
- Interest Rate: 8.2% annually (compounded).
- Eligibility: Available for a girl child aged 0-10 years.
- Deposit Limits: Minimum Rs 250 and maximum Rs 1.5 lakh per year.
- Tenure: Deposits must be made for 15 years, and the account matures after 21 years or at the girl’s marriage after 18.
Tax Benefits:
Contributions under SSY qualify for tax deductions under Section 80C of the Income Tax Act, offering up to Rs 1.5 lakh in deductions annually.
Partial Withdrawals:
After the girl child turns 18, up to 50% of the account balance can be withdrawn for higher education.
Comparison: Mahila Samman Savings Certificate vs Sukanya Samriddhi Yojana
Which Scheme Is Better for You?
- For Short-Term Goals: The Mahila Samman Savings Certificate is ideal for women looking for a secure, short-term savings option with moderate returns.
- For Long-Term Planning: The Sukanya Samriddhi Yojana is better suited for parents wanting to secure their girl child’s future, especially for education and marriage expenses.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.