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Announced within the Union Budget 2023, the Mahila Samman Savings Certificate is a brand new, one-time small financial savings scheme for ladies and women.
Women-Centric Savings Plans: Sukanya Samriddhi Yojana vs Mahila Samman Savings Certificate
Sukanya Samriddhi Yojana vs Mahila Samman Savings Certificate: The authorities of India has launched varied financial savings schemes tailor-made for ladies and women, aimed toward addressing socio-economic challenges and inspiring monetary independence. These initiatives try to incorporate girls within the monetary mainstream and promote gender equality by empowering them to avoid wasting and make investments for the longer term.
Two such schemes, the Mahila Samman Savings Certificate (MSSC) and the Sukanya Samriddhi Yojana (SSY), cater to particular targets and audiences. Let’s discover their options, advantages, and variations that will help you resolve which one fits your wants higher.
What Is the Mahila Samman Savings Certificate (MSSC)?
Announced within the Union Budget 2023, the Mahila Samman Savings Certificate is a brand new, one-time small financial savings scheme for ladies and women.
Key Features:
- Tenure: 2 years.
- Interest Rate: 7.5% fastened, with a partial withdrawal possibility.
- Eligibility: Open to all resident Indian girls. Minors can be account holders, with guardians managing the account.
- Deposit Limits: Minimum Rs 1,000 and most Rs 2 lakh. Deposits have to be made in multiples of Rs 100.
How to Apply?
The scheme is accessible by way of banks and publish places of work throughout India.
The MSSC is accessible just for a restricted interval, from April 2023 to March 2025.
Why Choose MSSC?
Experts recommend MSSC is a good various to fastened deposits for short-term monetary targets, particularly for ladies looking for safe and secure returns.
What Is the Sukanya Samriddhi Yojana (SSY)?
Launched in 2015 underneath the Beti Bachao Beti Padhao marketing campaign, Sukanya Samriddhi Yojana goals to offer monetary safety for the schooling and marriage bills of a lady little one.
Key Features:
- Interest Rate: 8.2% yearly (compounded).
- Eligibility: Available for a woman little one aged 0-10 years.
- Deposit Limits: Minimum Rs 250 and most Rs 1.5 lakh per yr.
- Tenure: Deposits have to be made for 15 years, and the account matures after 21 years or on the lady’s marriage after 18.
Tax Benefits:
Contributions underneath SSY qualify for tax deductions underneath Section 80C of the Income Tax Act, providing as much as Rs 1.5 lakh in deductions yearly.
Partial Withdrawals:
After the lady little one turns 18, as much as 50% of the account steadiness could be withdrawn for increased schooling.
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 good for ladies in search of a safe, short-term financial savings possibility with reasonable returns.
- For Long-Term Planning: The Sukanya Samriddhi Yojana is best fitted to mother and father eager to safe their lady little one’s future, particularly for schooling and marriage bills.
Disclaimer: The views and funding suggestions by consultants on this News18.com report are their very own and never these of the web site or its administration. Readers are suggested to examine with licensed consultants earlier than making any funding choices.
