MSSC vs SSY: In Budget 2023, Finance Minister Nirmala Sitharaman had announced a special savings scheme for women. This scheme is Mahila Saman Savings Certificate. It is a small savings scheme, specially designed for women. The government keeps launching many schemes to make women self-reliant. One of these schemes is called Sukanya Samrudhi Yojana. In such a situation, the question arises in the minds of most of the people that which scheme is better between Mahila Saman Saving Certificate and Sukanya Samrudhi Yojana.
Know about Mahila Saman Savings Certificate Scheme
Mahila Saman Savings Certificate is a scheme launched especially for women, in which you can invest for two years. A minimum investment of Rs 1000 and a maximum of Rs 2 lakh can be invested under this scheme. The government is paying interest at the rate of 7.5 percent on the amount deposited in the account. This interest is credited to the account on a quarterly basis. Along with this, the account holder gets a withdrawal facility of up to 40% after the first year. If you open an MSSC account in October 2023, your account will mature in October 2025.
You can visit a bank or post office to open this account. Go there and fill the account opening form and enter the KYC documents like Aadhaar and PAN information. Then, deposit money into the account by cash or check. After that your MSSC account will be opened. The special feature of this scheme is that women of any age can open an account in it.
Know about Sukanya Samrudhi Yojana-
Sukanya Samrudhi Yojana has been launched especially for girls. Under this scheme, a girl child up to 10 years of age can open an SSY account. Under this scheme, interest benefit is available at the rate of 8% on the deposited amount. Under this scheme, you can invest a minimum of Rs 250 and a maximum of Rs 1.50 lakh in every financial year. Under this scheme, you can invest till the girl child completes 15 years of age. After that, at the age of 18, a girl can withdraw 50% of the amount for education and at the age of 21, she can withdraw the entire amount from the account. Under this scheme, you can get the benefit of exemption up to Rs 1.50 lakh under Section 80C of Income Tax. You can also open this account at any nearby bank or post office.
Which scheme is better?
Both MSSC and SSY schemes are designed specifically for women, but there are many differences between the two. Mahila Saman Savings Certificate Scheme is a short-term savings scheme, while Sukanya Samrudhi Yojana is a long-term savings scheme. Any woman can invest in MSSC account, while SSY is meant only for girls. In such a situation you can choose any scheme according to your purpose. If you want to invest in a long-term scheme, SSY is a better option. While for short term Mahila Saman Savings Certificate Scheme can be a good option.
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