Mahila Samman Savings Certificate (MSSC) Calculation 2023 – Finance Minister Sitharaman promulgated a one- time small savings schemes during her Budget speech this year.
To celebrate Azadi ka Amrit Mahotsav, this scheme is offering deposit facility of Rs 2 lakh in the name of (Mahila) women or girls for a duration of 2 years (deadline March 2025) at a fixed rate of 7.5% with a partial withdrawal option.
Also Read :-RBI Permitted UPI Payment for Foreign Travelers to India – Check Details
(MSSC) Calculation
This MSSC calculation is almost similar to small saving schemes provided by the Post office.
At 7.5% interest rate, this scheme offers return of Rs 15,427 in 1 st year and Rs 32,044 in 2 nd year. That is how, the total investment of Rs 2 lakh in two years will become Rs 2.32 lakh.
Till now it hasn’t clarify whether this investment will become eligible for Tax deduction or not.
According to the experts this scheme is a good step to boost savings in coming years. When comparing to the present Bank Fixed Deposit rate that is 6.75%, this remains to be seen how the offer rate for this MSSC scheme is 7.5%.
The central government may mark this scheme as Exempt- Exempt- Exempt (EEE) investment.
Where to Open MSSC Account
This facility is likely to be made available at Post office and banks. In starting days its service will be available at Post office.
After a few days, the central government may allow some banks also to offer this facility to its customers.
Who Should Invest in MSSC
Women investors and depositors always seek for Risk free investment options that also offers decent return rate should go for the MSSC scheme because, it offer 7.5% interest rate, which is higher than FD’s rates.
At present the Fixed Deposit interest offered for 2 year duration by Post office is 6.8%.
When to Open MSSC Account
The MSSC Scheme facility is likely to start from 1st April’2023 or the time when announced by the central government of India.
