Know maturity quantity on deposit of Rs 1 lakh on this scheme – India TV

Mahila Samman Financial savings Certificates (MSSC): To supply monetary safety to girls and woman kids in India, the federal government launched the Mahila Samman Financial savings Certificates or MSSC scheme in April 2023. It is a government-guaranteed scheme that permits one-time funding. It was introduced in Finances 2023 to extend the participation of ladies in investments. Here is each element it’s good to find out about this scheme.

Mahila Samman Saving Certificates – Who’s eligible?

Because the title suggests, this scheme is just for girls and woman kids. A person lady who has Indian citizenship can apply beneath the scheme. Additionally, this scheme permits guardians to open the account for minor ladies. Nevertheless, it’s to be famous that the account opened beneath this scheme will probably be a single-holder kind account. Additionally, there isn’t any higher age restrict and due to this fact girls of all ages can profit from this scheme.

Mahila Samman Saving Certificates – How a lot girls can deposit?

The minimal quantity that may be deposited on this scheme is Rs 1,000 and thereafter in multiples of 100 rupees. The utmost restrict has been fastened at Rs 2,00,000. 

Mahila Samman Saving Certificates – Maturity Interval

The deposit beneath this scheme will mature on completion of two years from the beginning date. 

Mahila Samman Saving Certificates – Partial Withdrawals

One of many advantages of this scheme is that it permits partial withdrawals after one 12 months. Nevertheless, it has been capped at as much as 40 per cent of the eligible steadiness. As an illustration, if somebody has deposited Rs 1 lakh on this scheme, she will be able to withdraw Rs 40,000 after one 12 months.

Mahila Samman Saving Certificates – Untimely closure of account

This scheme doesn’t enable the untimely closure of the account. However there are particular exceptions. 

– Loss of life of the account holder

– On extraordinarily compassionate grounds like within the case of life-threatening illness or the loss of life of a guardian.

– After the completion of six months for any purpose. However on this case, the rate of interest will probably be diminished by 2 per cent.

Mahila Samman Saving Certificates – How a lot will you get on a deposit of Rs 1 lakh

The scheme presents a 7.5 per cent curiosity compounded quarterly. If somebody deposits Rs lakh beneath this scheme, she is going to get an quantity of Rs 1,16,022.