Mahila Samman Yojana

The Indian government has recently launched the Mahila Samman Yojana (MSSC), a new scheme specifically designed to encourage women to save. This initiative is accessible to women of all age groups, including minors, and allows them to invest up to Rs. 2 lakh for a period of two years. With a fixed interest rate of 7.5% per annum, compounded quarterly, the scheme offers an attractive opportunity for women to grow their savings.

Mahila Samman Yojana: A Scheme for Women’s Financial Empowerment

To participate in the Mahila Samman Yojana, women can open accounts at any bank or post office across India. The minimum initial investment amount is Rs. 1,000, and subsequent deposits can be made in multiples of Rs. 100. While individuals can open multiple accounts under this scheme, the total investment cannot exceed Rs. 2 lakh.

One of the key features that make the Mahila Samman Yojana appealing is its competitive interest rate of 7.5% per annum, which is higher than the rates offered by most other small savings schemes in India. Moreover, the scheme is eligible for tax exemption under Section 80C of the Income Tax Act. This means that investors can claim deductions of up to Rs. 1.5 lakh on their taxable income for their MSSC investments. In addition, the scheme allows for premature closure of accounts after one year, subject to a 1% penalty. It also provides nomination facilities, allowing depositors to designate a beneficiary for the account balance in the event of their demise.

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The benefits of the Mahila Samman Yojana are numerous. With its competitive interest rates and tax benefits, the scheme not only promotes financial security for women but also provides a platform for them to plan for their future needs, such as retirement, children’s education, or business ventures. By offering an attractive savings option, the MSSC aims to empower women and help them secure their financial future.

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