Mahila Samman Savings Certificate (MSSC) is a savings scheme which is only for women. This scheme matures in two years. Any woman can invest in this scheme for herself or for a girl.
Since this is a government scheme, investment in it is completely safe. The government introduced this scheme to make women financially independent. Its interest is higher than many other savings schemes of the government. A maximum of Rs 2 lakh can be invested in this scheme.
Benefits of investing in MSSC
Investment in this scheme can be made online. In today’s busy life, most people are short of time. Therefore, investors want to invest in such schemes which are available online. Some banks offer the facility of online investment in MSSC . Bank of Baroda, Canara Bank, Bank of India provide the facility of investing in this scheme. Before investing in this scheme, it is necessary to collect some documents. These include ID proof, Aadhaar, PAN and address proof documents. Apart from this, passport size photo and a savings account are also necessary.
What is the process of investing?
To invest online in this scheme, you have to log in to the bank’s website. Investment in this scheme can also be done through the bank’s mobile app. After logging in to the bank’s website, you will see this scheme in the savings or investment section. After selecting it, you will have to enter the necessary information in the application form. These include name, contact details, address, savings account number.
Will there be tax on interest income?
After filling the application form, you will have to pay the investment amount. You can make payment through net banking facility, UPI etc. After payment, you will get confirmation of investment. You will be sent Mahila Samman Savings Certificate online by the bank. If you want, you can also download it from the bank’s website. One thing to keep in mind is that the interest you get on investment in this scheme will be taxable.
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