Post Office Schemes 2024: Best Schemes for Women

The post office offers several savings schemes suitable for individuals who wish to save small amounts of money. Among these schemes are options that are specifically tailored for women.

In 2023, during the Budget presentation, Finance Minister Nirmala Sitharaman launched the Mahila Samman Saving Certificate Scheme, which offers women an excellent investment opportunity with good returns in just two years.

Additionally, investing in the Sukanya Samriddhi Yojana in the name of a girl child until she turns 10 can provide significant returns. Both of these schemes aim to cater to the financial needs of women.

Women Savings Certificate

The Women’s Savings Certificate Scheme, Known as the Mahila Samman Savings Certificate, is a great investment opportunity for women of all ages. You can invest up to a maximum amount of Rs. 2 lakhs in this scheme and get a fixed interest rate of 7.50 percent for 2 years.

You can also get a rebate of up to Rs. 1.50 lakhs on the amount you deposited under Section 80C of Income Tax. For instance, if you invest Rs. 2 lakhs in this scheme in December 2023, you can expect to receive Rs. 2,32,044 lakhs on maturity.

Sukanya Samriddhi Yojana

In 2014, the Modi government introduced a scheme named Sukanya Samriddhi Yojana (SSY), which is specifically designed to cater to the needs of women.

This SSY scheme allows you to open an account in the name of a girl who is 10 years old. You can invest annually between Rs. 250 to Rs. 1.50 lakhs and receive huge returns.

Once the girl turns 18 years old, she can withdraw up to 50 percent of the deposited amount. The remaining amount can be withdrawn when she turns 21 years old.

By investing in this scheme, you can free yourself from the worry of your daughter’s education and marriage expenses. The government is currently offering an interest rate benefit of 8 percent under this scheme.

MSSC vs SSY

Two savings schemes were created with women’s needs in mind – the Mahila Samman Savings Certificate (MSSC) and Sukanya Samriddhi Yojana (SSY). The MSSC is a short-term savings scheme that can yield high returns in a short amount of time.

On the other hand, the SSY is a long-term savings scheme that is an excellent option for those who want to save for their daughter’s education and marriage expenses.

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