FD vs Mahila Samman Savings Certificate: The interest rates on fixed deposits, or FDs, have been increased at many banks, including Kotak Mahindra and Axis. In this case, you should be aware of the “Mahila Samman Savings Certificate” (MSSC) if you intend to open an FD with these banks or any other bank.
Empower Women’s Financial Freedom
This is a programme specifically for women. This carries an annual interest rate of 7.5 percent. This can be invested in with a minimum of Rs 1000 and a maximum of Rs 2 lakh. One needs to invest in this for two years. In such a circumstance, below we are informing you crucial points relating to this strategy. You will be able to determine where investing money will be most profitable with this.
| Investment | How much Money you Will receive overall | What was the interest earned (in Rs.) |
| 50,000 | 58000 | 8000 |
| 100000 | 116000 | 16000 |
| 200000 | 132000 | 32000 |
Features of Mahila Samman Savings Certificate
This account may be terminated earlier than two years in certain cases, but only after six months. You will only receive 5.5% interest instead of 7.5% if you do this, though. The principal amount will be used to calculate the interest. In addition, you have a year to withdraw 40% of the total. Women are permitted to open individual accounts under this plan. Parents (guardians) may also make investments in “Mahila Samman Savings Certificates” in the name of their daughter (a minor) in addition to the foregoing. This implies that investments may also be made in a young girl’s name.
Comparing Mahila Samman Savings Certificate with Fixed Deposits
Any authorised bank and post office are where you can open an MSSC account. You must provide the required documents for KYC together with the account opening form. The MSSC scheme offers yearly interest at a rate of 7.5%, which is greater than the rate on fixed deposits. Currently, SBI and Kotak provide 7% interest on 2-year fixed-rate deposits. While Punjab National Bank, ICICI Bank, and Axis are all offering 7.10% interest. While IDBI Bank is only providing an annual interest rate of 6.80%.
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