FD Vs Mahila Samman Savings Certificate: Many banks including Kotak Mahindra, Axis have recently increased the interest rates on fixed deposits i.e. FD. In such a situation, if you are planning to get FD in these banks or any other bank, then before that you should also know about ‘Mahila Samman Savings Certificate’ (MSSC).
This is a special scheme for women. 7.5% annual interest is being given in this. A minimum of Rs 1000 to a maximum of Rs 2 lakh can be invested in this. In this one has to invest for 2 years. In such a situation, here we are telling you important things related to this scheme. With this you will be able to know where investing money will be more beneficial.
Know here how much you will get after two years if you invest in MSSC.
| Investment Rs. In | How much money will you get in total | How much interest was received (in Rs.) |
| 50,000 | 58 thousand | 8000 |
| 100000 | 1 lakh 16 thousand | 16,000 |
| 200000 | 1 lakh 32 thousand | 32000 |
Note: This calculation has been done approximately according to the compound interest.
Will be able to withdraw money even before 2 years
In special circumstances, this account can be closed before 2 years, but only after 6 months. However, if you do this, you will get only 5.5% interest instead of 7.5%. This interest will be given on the principal amount. Apart from this, you can withdraw 40% amount after 1 year.
You can also invest in the name of the girl child
Under this scheme, women can open an account for themselves. Apart from this, parents (guardians) can also invest in ‘Mahila Samman Savings Certificate’ in the name of their daughter (minor). That means investment can be made in the name of a minor girl also.
Where and how can one open an account in this?
You can open MSSC account in any post office and authorized banks. To open an account, you will have to submit KYC documents along with its form.
How much interest are the major banks of the country paying on 2 year FD?
| SBI Bank | 7.00% |
| Axis Bank | 7.10% |
| Kotak Bank | 7.00% |
| ICICI Bank | 7.10% |
| IDBI Bank | 6.80% |
Where is the right place to invest?
7.5% annual interest is being given in MSSC scheme which is higher than fixed deposits. SBI and Kotak are currently giving 7% interest on 2 year FD.
Whereas Axis and ICICI Bank and Punjab National Bank are offering 7.10% interest. Whereas IDBI Bank is offering only 6.80% annual interest.
If seen, there is not much difference in interest rates. Therefore, you can choose between Mahila Samman Savings Certificate and Fixed Deposit as per your need.
Disclaimer: The information given in this article is for information only. This should not be considered investment advice. Before making any investment, you should take advice from investment advisors. Informalnewz is not responsible in any matter related to investment.
