Mahila Samman Savings Certificate offers a safe and secure investment option at 7.5% interest rate, compounded quarterly, for a tenure of two years

Mahila Samman Savings Certificate: Eligibility, how to open an account, withdrawal rule

Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate is a government-backed small savings scheme that aims to promote women empowerment. Available exclusively for women, the scheme offers a safe and secure investment option at 7.5% interest rate, compounded quarterly, for a tenure of two years.

Eligibility
The scheme is available to all women and girl children. Accounts for minors may be opened by a parent or guardian.

Filling the form
Get the Mahila Samman Savings Certificate application form from the bank or post office. Fill in the required personal details, such as name, address and nominee information, and choose the deposit amount.

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Documents
Submit the following identity and address proof documents along with the filled form:

• Identity proof: Aadhaar card, PAN card or passport.
• Address proof: Aadhaar card, voter ID or utility bill.
• Photograph: A recent passportsized photo.

Deposits
Make the initial deposit, which must be at least Rs.1,000 and can go up to Rs.2 lakh. The deposits can be made in multiples of Rs.100.

Certificate
After the application and documents are verified, the certificate is issued, confirming the investment.

Partial withdrawal
One may withdraw up to 40% of the balance after a year of making the deposit.

Points to note

• Interest on Mahila Samman Savings Certificate is taxable.
• MSSC is a low-risk investment option, ideal for women looking for short-term savings.

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

This story originally appeared on: India Times - Author:Faqs of Insurances