MSSC Interest Rates: MSSC accounts can be opened by women or a minor girl by a legal guardian. The scheme currently offers better returns than most banks’ FDs and post office two-year FDs. However, senior citizens can get better returns in Senior Citizen Savings Scheme (SCSS) which gives a return of 8.2 per cent.
MSSC Interest Rates: The government has launched the Mahila Samman Savings Certificate (MSSC) for women. It aims to empower women by offering them a unique savings scheme. It was officially launched on April 1, 2023 and the scheme will continue till March 2025. In such a situation, women should invest in it to get good returns.
The Union Finance Ministry has authorised all public sector banks and private sector banks to open accounts under MSSC. This facility is also available at post offices across the country.
MSSC accounts can be opened by women or a minor girl by a legal guardian. The scheme currently offers better returns than most banks’ FDs and post office two-year FDs. However, senior citizens can get better returns in Senior Citizen Savings Scheme (SCSS) which gives a return of 8.2 per cent.
Interest and returns of MSSC
Women will get an interest rate of 7.5 per cent for investing in Mahila Samman Savings Certificates. In such a situation, if you invest Rs 50,000 in this government scheme, then you will get Rs 8,011 as interest after two years. So it will be total 58,011 rupees.
2 lakh return on investment?
You can invest a lump sum of Rs 1,000 to Rs 2 lakh in MSSC scheme. For example, if you invest Rs 2 lakh, the interest for the first quarter will be Rs 3,750. After the second quarter, the interest will be calculated on the total amount which will include the principal amount and interest earned. The process will be repeated every quarter, resulting in a maturity value of Rs 2.32 lakh at the end of the two-year period.
