MSSC: This guaranteed return scheme provides huge interest to women; know how much you will get on deposit of Rs 1 lakh in 2 years

In a bid to empower women financially, the central government has introduced many schemes. Among these, Mahila Samman Savings Certificate (MSSC) stands out as one of the most prominent schemes. The initiative, led by Finance Minister Nirmala Sitharaman in last year's budget, offers a 7.5 per cent interest rate on a two-year deposit scheme.

However, those interested in investing need to act swiftly as the scheme will be available only until March 2025.

How MSSC can benefit women

To take advantage of the MSSC scheme, women need to have an individual account in the post office. They can visit any post office in the country to open the MSSC account. For minors, guardians can open accounts on their behalf. When setting up the account, women need to provide KYC documents such as an Aadhaar card, PAN card, and a recent photograph.

The scheme matures in two years, but it allows for partial withdrawals after one year. In an emergency, you can withdraw up to 40 per cent of your deposited amount after one year.

For instance, if you have deposited Rs 2 lakh, you can withdraw Rs 80,000 after one year after producing emergency proof.

What are MSSC scheme's benefits?

An investment of Rs 50,000 in the scheme will yield Rs 8,011 in interest over two years, totaling Rs 58,011 at maturity. While if you invest Rs 1 lakh, you will receive Rs 16,022 at maturity.

For a deposit of Rs 1.5 lakh, you will get Rs 24,033 as interest, amounting to Rs 1,74,033 as maturity. On utilising the maximum investment limit of Rs 2 lakh, you will earn Rs 32,044 in interest, bringing the total maturity amount to Rs 2,32,044.

Who is eligible for the MSSC scheme?

• An applicant must be an Indian citizen
• This scheme is only for women and girls
• Any woman can apply, regardless of age
• A guardian can open an account for a minor (someone under 18)
• There's no maximum age limit, so women of all ages can benefit from this scheme.

How to apply for Mahila Samman Savings Certificate?

Step 1. Go to your nearest post office or the designated bank.
Step 2. Get the application form (or download it from the official website).
Step 3. Fill out the form and attach all necessary documents along with the declaration and nomination details.
Step 5. Submit the form with the initial investment amount.
Step 6. Get a certificate that proves you've invested in the scheme.

What are the required documents to apply for the scheme?

Here's a list of all the required documents to get the benefits:

• 2 passport-size photos
• Proof of age (Birth Certificate)
• Aadhaar Card
• PAN Card
• Pay-in-Slip with deposit amount or cheque
• Passport
• Driving license
• Voter's ID card
• Job card issued by NREGA (signed by State Government officer)
• Letter from National Population Register with name and address details

How much time do you have to get the benefits; is there any last to apply?

As of now, the applicant can apply for the scheme till March 2025, which has already been extended previously by the government. This initiative is operational since April 1, 2023.