SSY vs MSSC Scheme: There are numerous government programmes like this one, all of which directly help women and girls. Sukanya Samriddhi Yojana (SSY) is one such initiative for a daughter’s marriage or better future.
Introduction of Mahila Samman Savings Certificate (MSSC)
In a similar vein, Finance Minister Nirmala Sitharaman introduced the Mahila Samman Savings Certificate (MSSC), a unique savings programme specifically designed for women, in this year’s general budget. Interest on investment is provided by the government in both of these schemes. Tell us which plan, Mahila Samman Savings Certificate or Sukanya Samriddhi, is a better fit.
Inception of Sukanya Samriddhi Yojana in Modi Government’s First Term
During its first term, the Narendra Modi government launched this programme. Girls up to ten years old can participate in this programme. This allows a daughter’s account to be opened for as little as Rs 250. On it, the government offers 8% interest.
Annual Investment Limit and Withdrawal Benefits
An individual can invest up to Rs 1.50 lakh per year in this scheme. At the age of eighteen, the daughter may withdraw from her studies to the extent of fifty percent. In addition, at the age of 21, there is a provision for withdrawing funds for marriage. Income tax exemptions of up to Rs 1.50 lakh are granted under Section 80C. You can open this account at any post office or bank.
Mahila Samman Savings Certificate
This scheme was introduced this year and has a two-year investment period. The investment cap ranges from Rs 1000 at the lowest to Rs 2 lakh at the highest. On the other hand, the government deposits interest at a rate of 7.5% on a quarterly basis. Account holders are permitted to withdraw up to 40% of the balance after the first year. The account will mature in October 2025, assuming it is opened in October 2023. Any bank or post office will open an account for you.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.