Mahila Samman Savings Certificate: Mahila Samman Savings Certificate (MSSC) account can be opened in the post office by a woman for herself or on behalf of a minor girl, by her parents.
The minimum money required to open an MSSC account in a post office is Rs 1000 and thereafter one has to invest in multiples of Rs 100. However, a maximum of Rs 2 lakh can be invested in it. Rs 2 lakh can be deposited in one MSSC account or in multiple MSSC accounts. But the total money deposited in all the MSSC accounts of a woman or minor girl should not exceed Rs 2 lakh.
This is the rules of Mahila Samman Yojana
An account holder can open multiple accounts under the MSSC scheme. So, women can invest in this scheme by saving some money daily. However, a rule states that after opening the first account, there should be a gap of about three months between opening the second account. That is, if one account is opened today, then the next account can be opened after 3 months.
this is the complete calculation
For example if you save just Rs.267 daily, you will have Rs.8010 at the end of the month (after 30 days). At the end of three months the total money in your hand will be Rs 24,030. You can invest Rs 24000 in a new MSSC account after three months, which will earn 7.5% interest and after the maturity period of 2 years is over, you will get around Rs 27,845. Thus, by investing Rs 24,000 every quarter in MSSC account, you will be able to withdraw approximately Rs 27,845 after every three months gap for 2 years.
Interest will be given every three months
MSSC account interest is available every three months. This money is deposited in your account but its payment is done only after the account is closed. MSSC account holders are allowed to withdraw 40 per cent after one year from the date of account opening.
