Mahila Samman Savings Certificate (MSSC) is a post office, guaranteed return scheme that encourages women to save and invest their money in small proportions. A woman can deposit as low as Rs 1000 and as high as Rs 2 lakh at one time in the scheme for a duration of two years. They get 7.5 per cent interest compounded quarterly and paid at the time of maturity. The interest earned helps them get returns on their investment. Know how much you will get if you invest Rs 50K, Rs 1 lakh, Rs 1.50 lakh, and Rs 2 lakh in the MSSC scheme.
Mahila Samman Savings Certificate (MSSC): How do you empower women through financial investment? By encouraging them to invest their small savings in financial schemes that give them a guaranteed return with a short duration. It gives them a sense of achievement in the form of growth and inculcates the habit of saving money as a reward for achievement. Mahila Samman Savings Certificate (MSSC) is also one such post office scheme that offers woman account holders the opportunity to invest as little as Rs 1000 and as high as Rs 2 lakh one time. The central government scheme matures in two years, and a woman account holder gets the maturity amount in the form of principal and interest. In this write-up, we will tell you how much return a woman accountholder can get is she invests Rs 50,000, Rs 1 lakh, Rs 1.50 lakh, and Rs 2 lakh in this guaranteed return scheme. Before that, let’s go through the basics of the scheme.
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Mahila Samman Savings Certificate (MSSC): Who can open an account?
A woman can open an account, or the guardian on behalf of a minor girl can open an account.
You can open the account in a post office or in a bank.
Mahila Samman Savings Certificate (MSSC): Minimum and maximum investment
One can invest a minimum of Rs 1,000, and in multiples of Rs 100, while the maximum investment is Rs 2 lakh.
These are one-time investments, and the MSSC account holder has to maintain a gap of three months between the existing account and the opening of another account.
Once the scheme matures after two years, the MSSC account holder gets the invested money along with interest.
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Mahila Samman Savings Certificate (MSSC): Interest rate
The MSSC provides an interest rate of 7.5 per cent annually.
The interest is compounded quarterly and credited to the account at the time of the closure of the MSSC account.
Mahila Samman Savings Certificate (MSSC): Withdrawal and pre-mature closure
An MSSC accountholder can withdraw 40 per cent of the eligible balance after one year from the date of the opening of the account.
One can also prematurely close their account on the death of the account holder, on extreme compassionate grounds, such as a life threatening decease, or the death of the guardian on production of relevant documents.
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Mahila Samman Savings Certificate (MSSC): How much you can get on Rs 50K, Rs 1 lakh, Rs 1.50 lakh, and Rs 2 lakh deposits
According to the Mahila Samman Saving Certificate Scheme calculator, if you invest Rs 50,000 in the post office scheme, you will get Rs 8,011 as interest on it in two years, and your maturity amount will be Rs 58,011.
If you invest Rs 1,00,000, then at a 7.5 per cent interest rate, you will get Rs 1,16,022 on maturity.
Whereas, if you deposit Rs 1,50,000, you will get Rs 1,74,033 after two years, of which, Rs 24,033 will be the interest money.
On a Rs 2,00,000 investment, you will get Rs 32,044 as interest, and your maturity amount will be Rs 2,32,044.
