FEATURES AND BENEFITS OF MAHILA SAMMAN SAVINGS CERTIFICATE SCHEME:-

1. Deposit amount: The minimum deposit amount is Rs 1000.00 only.

2. Maturity Period: This scheme’s maturity period is 2 years only.

3. Eligibility: Any woman or guardian of a child can open an MSSC account.

4. Partial withdrawal: Partial withdrawals are although allowed after one year from the date of account opening from the MSSC. However, the limitation is that only 40% of the permitted balance can be withdrawn.

5. High Interest Rate: Currently, the scheme provides altogether a luring interest rate of 7.5% per annum, which is significantly higher than interest rates provided by conventional savings accounts. This correspondingly helps grow your investment at a faster rate.

6. Government support: The MSSC is a government-backed scheme, which consequently makes it a more reliable and safe investment option. Unlike some private investment companies, your money is evidently safe in the Government’s hands.

7 . Tax Benefits: The interest received on the MSSC is furthermore taxable under the Income Tax Act.

8. Premature closing of account: The account under MSSC can be closed consequently under certain conditions like the death of the account holder, the marriage of the account holder, or for any medical reason.

ELIGIBILITY CRITERIA FOR MAHILA SAMMAN SAVINGS CERTIFICATE SCHEME: –

Following are the eligibility criteria:

1. All women who are citizens of India are eligible.

2. Both Girl children as well as women are eligible.

3. A girl child of 10 years indeed or older can also have an account in her name to apply for this scheme.

DOCUMENTS REQUIRED FOR MAHILA SAMMAN SAVING CERTIFICATE: –

1. Proof of Identity of the applicant (PAN card, Aadhar card, Voter ID card, Passport.)

2. Residential proof (Electricity bill, Water bill, Aadhar card, Rent agreement etc.)

3. Passport size photo.

4. E-mail address and also valid phone number.

APPLICATION PROCEDURE: –

Following are the steps for applying for the Mahila Samman saving certificate:

1. Firstly, download the “Application for purchasing the certificate” from the official Indian post website, or collect the form from the nearest post office branch.

2. Afterwards, Fill out the form by providing the required information.

– In the Postmaster section, Explicitly mention the Post Office address.

– Write your name in the prescribed space and mention the account type as “Mahila

Samman saving Certificate”.

-Provide required personal details as well as payment information.

3. Fill the nomination detail as well as the declaration as required.

4. Along with the required documents, also submit the duly filled form at the post office.

5. Deposit at the Post office using either cheque or cash as per your convenience.

6. You will finally receive a certificate confirming your investment in Mahila Samman Saving Certificate after the successful submission of application.

OBJECTIVE OF MAHILA SAMMAN SAVING CERTIFICATE:-

The following are the major objectives:

1. Empower Women Financially: The scheme finally helps women and girls to become financially independent by motivating them to invest and save.

2 . A safe investment strategy: Backed by the Government it explicitly provides secure investment opportunities, the scheme ensures that savings are safe and also returns are guaranteed.

3. Inculcate saving habits: By extending a low minimum deposit and attractive interest rate, the scheme consequently motivates women to inculcate regular saving habits.

4. Provide tax benefits: Under section 80C of the Income Tax Act, Investment in the scheme qualifies the beneficiary for tax deduction, thus helping women reduce their taxable income.

5. Provide attractive returns: Moreover, the scheme offers better returns compared to traditional savings options, with a fixed interest rate of 7.5% per year.

6. Encourage financial planning: The scheme helps women plan for future investments and also expenses by setting up a structured savings plan.

7. Support Short-term Financial goal: To achieve medium-term financial goals, the 2-year tenure is also designed for interested parties.

Summary table:-

ADDITIONAL CONSIDERATIONS: –

Before investing in this scheme it is imperative to look into your financial condition and also requirements. Points to keep in mind:

1. Investment boundary: Because of its 2 years short-term tenure, the applicant must consider options for long-term financial planning.

2. Investment Portfolio Diversification: To Manage risk and maximize returns it is explicitly important to diversify your investments across different platforms other than MSSC.

3. Risk Tolerance: No doubt, the MSSC is a low-risk investment backed by the Government, however, there are no market-linked returns.

CONCLUSION:-

In conclusion, The Mahila Samman savings Certificate offers a wonderful opportunity to women in India to save and grow their money. The MSSC is a step towards financial empowerment for women with its high interest rate, government backing and convenient tenure. If you are a women and needs some financial stability, MSSC as a whole is worth considering. By understanding the benefits, key features and process of this scheme, you can make a wise decision and take positive step towards financial independence. So, visit your nearest post office or check the India Post website to get started on your Mahila Samman Savings Certificate journey today.

To read more Government schemes, kindly visit:

www.blessedimran.com