Explained: Mahila Samman Savings Certificate: Fixed interest rate, one time scheme… should you invest? – mahila samman saving certificate deposit limit, interest rate, tenure benefits should you invest
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Finance Minister Nirmala Sitharaman has announced Mahila Samman Savings Certificate (MSSC) on Friday. According to Sitharaman, the new savings scheme for women will get interest at a fixed rate of 7.5 per cent. That is, it is a fixed term savings instrument. In such a situation, the decision to invest in it can be taken by comparing it with other small savings schemes. Under the scheme, a deposit can be made in the name of a woman or a girl for two years. There is also an option of partial withdrawal. This small savings scheme launched for women is for one time. Investment can be made in this for 2 years till 2025. This scheme has been announced on the occasion of Amrit Mahotsav of Independence. It has the facility of deposit up to Rs 2 lakh.
How is the interest?
As far as the interest earned on the scheme is concerned, it is certainly excellent. This becomes clear when we compare it with post office savings schemes. At present, 6.6 percent interest is available on one year term deposit of the post office. It is 6.8 FDI on a two-year FD. For three years it is 6.9 and for five years it is 7 per cent. Its interest is more than National Savings Certificate, PPF and Kisan Vikas Patra. 7 percent interest is available on NSC, 7.1 percent on PPF scheme and 7.2 percent on Kisan Vikas Patra. However, its interest is less than Sukanya Samriddhi and Senior Citizen Savings Scheme. 8% interest is available on SCSS and 7.6% on Sukanya.
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One of the biggest drawback of the scheme which is currently visible is the investment amount. The investment amount limit of Rs 2 lakh is very low. Going forward, considering the popularity of the scheme, the government should consider expanding it.
| savings instrument | Interest Rate (in %) |
| Mahila Samman Savings Certificate | 7.5 |
| scss | 8 |
| monthly income scheme | 7.1 |
| National Savings Certificate | 7.0 |
| Kisan Vikas Patra | 7.2 |
| Sukanya Samriddhi Yojana | 7.6 |
| ppf | 7.1 |
| 1 Year Term Deposit | 6.6 |
| 2 Year Term Deposit | 6.8 |
| 3 Year Term Deposit | 6.9 |
| 5 Year Term Deposit | 7.0 |
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