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Context
Details
Announcement
About
Availability
Deposit Facility
Features of Mahila Samman Savings Certificate
Government-Backed Scheme
Eligibility
Deposit Limits
Can the investment be made jointly?
Second Mahila Samman Savings Certificate
Maturity
Withdrawal
Tax Benefits
Interest Rate of Mahila Samman Savings Certificate
Charges payable to the Department of Posts and authorized banks
Type of transaction |
Charges payable (in rupees) |
Receipt – Physical Mode |
40 |
Receipt – e-mode |
9 |
Payments |
6.5 paise per Rs.100 turnover |
Premature Closure o Mahila Samman Savings Certificate
The Mahila Samman Savings Certificate account can be closed before two years in the following situations:
Mahila Samman Savings Certificate Vs Other Small Savings Schemes
Let’s look at the comparison of other small savings schemes with the Mahila Samman Savings Certificate.
PPF Vs Mahila Samman Savings Certificate
Particulars |
Mahila Samman Savings Certificate |
PPF |
Eligibility |
Women and girl children |
Any individual Indian citizen |
Interest Rate |
7.5% |
7.1% |
Tenure |
2 years |
15 years |
Deposit Limit |
Minimum - Rs.1,000 |
Minimum - Rs.500 |
Premature Withdrawal |
Permits 40% withdrawal after one year |
Permits partial withdrawal after 7 years |
Tax Benefit |
Not yet specified |
Exempt-Exempt-Exempt (EEE) category under Section 80C category |
NSC Vs Mahila Samman Savings Certificate
Particulars |
Mahila Samman Savings Certificate |
NSC |
Eligibility |
Women and girl children |
Any individual, including NRIs |
Interest Rate |
7.5% |
7.7% |
Tenure |
2 years |
5 years |
Deposit Limit |
Minimum - Rs.1,000 |
Minimum - Rs.100 |
Premature Withdrawal |
Permits 40% withdrawal after one year |
Allowed in certain circumstances |
Tax Benefit |
Not yet specified |
Deductions of up to Rs.1.5 lakh under Section 80C |
SCSS Vs Mahila Samman Savings Certificate
Particulars |
Mahila Samman Savings Certificate |
SCSS |
Eligibility |
Women and girl children |
Senior citizens aged above 60 years |
Interest Rate |
7.5% |
8.2% |
Tenure |
2 years |
5 years |
Deposit Limit |
Minimum - Rs.1,000 |
Minimum - Rs.1,000 |
Premature Withdrawal |
Permits 40% withdrawal after one year |
Can be closed at any time |
Tax Benefit |
Not yet specified |
Deductions of up to Rs.1.5 lakh under Section 80C |
SSY Vs Mahila Samman Savings Certificate
Particulars |
Mahila Samman Savings Certificate |
SSY |
Eligibility |
Women and girl children |
Only in the name of a girl child before she attains 10 years |
Interest Rate |
7.5% |
8.0% |
Tenure |
2 years |
21 years from opening the account or when the girl child attains 18 years |
Deposit Limit |
Minimum - Rs.1,000 |
Minimum - Rs.250 |
Premature Withdrawal |
Permits 40% withdrawal after one year |
Allowed under certain circumstances |
Tax Benefit |
Not yet specified |
Exempt-Exempt-Exempt (EEE) category under Section 80C category |
Read:
INDIA POST PAYMENTS BANK
https://www.iasgyan.in/daily-current-affairs/india-post-payments-bank
SMALL SAVING
https://www.iasgyan.in/daily-current-affairs/small-saving
PRACTICE QUESTION Q. Which of the following statements are correct with reference to Mahila Samman Saving Certificate (MSSC)? a) The Mahila Samman Savings Certificate is a small savings scheme that can be done only in the name of a girl child or woman. b) The minimum deposit amount under the Mahila Samman Savings Certificate is Rs.1,000 and the maximum deposit amount is Rs.5 lakhs in one account. c) A woman or guardian of a girl child can open a second Mahila Samman Savings Certificate account after a minimum gap of six months from the opening of the existing account. d) The account holder can withdraw up to 50% of the account balance after one year from the account opening date. 1. a only 2. b and c only 3. c and d only 4. a, b and d only. Correct Answer: Option 1 |
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