Mahila Samman Savings Certificate: A one-time savings programme created especially for women, the Mahila Samman Savings Certificate (MSSC) aims to advance financial inclusion and women’s empowerment. Here is a brief synopsis of this plan.
Purpose
The central government implemented the MSSC initiative in the 2023 budget to encourage women to save and invest for their future financial security.
Duration and Availability
The programme is offered from April 2023 to March 2025, a short two-year timeframe. Women can take advantage of the MSSC scheme’s perks during this time.
Interest Rate
Women who save money can earn a set interest rate of 7.5% under the MSSC scheme. For women who want to increase their savings, the scheme is a profitable choice because of its appealing interest rate.
Tax Benefits
The tax savings of the MSSC programme are one of its main attractions. It is a tax-efficient investment choice because investors can claim tax deductions on the amount invested in the programme under Section 80C of the Income Tax Act.
Application Process
Ladies may apply to the MSSC plan on their own behalf or for personal investments on behalf of underage girls. Many different types of female investors can apply because it’s an easy process.