The Mahila Samman Saving Certificate (MSSC) scheme, announced in the Budget 2023-24, is a great initiative to enhance financial inclusion and provide better returns to women. The scheme is aimed at empowering women to take control of their financial future and contribute to the growth and development of the country. This scheme is available for investment for two years only, starting from April 1, 2023, to March 31, 2025. After this period, you cannot invest in this scheme.
The scheme is open to all Indian women above the age of 18 years, and the account can be opened individually or jointly. The minimum investment required to open an MSSC account is Rs. 1,000, and the maximum investment limit is Rs. 1.5 lakhs in a financial year.
One of the significant benefits of the MSSC scheme is the guaranteed return on investment. The interest rate on the scheme is fixed at 7.5% per annum, which is higher than the interest rates offered by most savings accounts. The interest earned on the MSSC account is taxable, but the investment in the scheme is eligible for deduction under section 80C of the Income Tax Act, which allows for a tax deduction of up to Rs. 1.5 lakhs in a financial year.
The maturity period for the MSSC scheme is five years, and premature withdrawal is allowed after one year. The scheme also offers the option to avail of loans against the MSSC account, which can be useful in case of emergency financial needs.
The MSSC scheme not only offers financial benefits but also promotes financial literacy and independence among women. The scheme encourages women to save and invest in their future and helps them break the cycle of poverty and dependence on others. By empowering women to become financially independent, the scheme aims to create a more equitable and inclusive society.
The Prime Minister has urged more women to enrol for the MSSC scheme and take advantage of the benefits it offers. In a tweet, the Prime Minister said, "I also urge more women to enrol for MSSC. It offers many advantages for our Nari Shakti." This call to action by the Prime Minister is a significant step towards promoting financial inclusion and empowering women to become financially independent.
Opening an MSSC account is a straightforward process that can be done at any post office. Women can also transfer their existing National Savings Certificates (NSC) and Kisan Vikas Patra (KVP) to the MSSC account without losing the accrued interest.
In conclusion, the Mahila Samman Saving Certificate (MSSC) scheme is a great initiative to promote financial inclusion and empower women to become financially independent. The scheme offers several benefits such as a guaranteed return on investment, tax benefits, and the option to avail of loans against the MSSC account. The scheme also promotes financial literacy and independence among women and helps break the cycle of poverty and dependence. It's a step towards creating a more equitable and inclusive society, and we urge all women to enrol for the scheme and secure their financial future.