Delhi: Keeping empowerment of women in mind, Finance Minister Nirmala Sitharaman announced a small savings scheme called the Mahila Samman Savings Certificate (MSSC) for women investors in the 2023 budget. Women, including girls, can become self-sufficient by investing in this government savings certificate scheme. Apart from this, a large number of women in the country also prefer to invest in Fixed Deposits as there is no risk involved in investing in Fixed Deposit schemes. If you also want to invest in one of these Mahila Samman Savings Certificate or Government FD (Central Government) schemes, first learn about the merits of both.
Mahila Samman Savings Certificate (MSSC)
This scheme is specially designed for women. In this scheme, you can invest at least two lakh rupees for two years. Investors in the savings plan will earn returns at a rate of 7.5% per year. The specialty of this scheme is that investing will give you higher returns as compared to small savings schemes like NSC, PPF, Sukanya Samriddhi Yojana etc. Apart from this, small savings plans get the benefit of a significant tax exemption under section 80C of the Income Tax Law. The government also gives the facility to withdraw money in this scheme at any time. Under this scheme, you can open an account at any bank or post office from April 1.
Deposit repaired
State Bank of India (SBI), HDFC (HDFC), Axis Bank (Axis BAnk), ICICI (ICICI) and Kotak Bank (Kotak Bank), including major banks in the country, offer interest rates ranging from 3 to 6 35% on deposits. The Mahila Samman Savings Certificate is for two years. SBI pays 6.75% interest on two-year deposits, Axis Bank FD 7.26%, HDFC Bank FD 7%, ICICI Bank FD 7% and Kotak Bank 6.75%. On the other hand, the MSSC scheme offers 0.50 to 1 percent higher interest than FD.
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In which scheme more returns
Apart from State Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank offer their clients 3-7% interest rate on fixed deposits up to two years. In such a situation, the interest rate available on Mahila Samman Savings account is much higher than this FD bank. So if you are planning to invest in bank FDs up to Rs 2 lakh, then investing in MSSC is a good choice. In addition, bank FDs earn a higher interest rate of 7.5 percent for a two-year term.