Many big banks including IDBI, Bank of India (BOI) and Federal Bank have recently increased fixed deposit (FD) interest rates. 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. You will be able to withdraw money even before 2 years. In special circumstances like the death of the account holder or if he has a life-threatening illness, the account can be closed before 2 years. Apart from this, if there is a need for money, the account can be closed 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 from the account after 1 year. You can also invest in the name of the girl child. Under this scheme, a woman can open an account for herself. 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. Click here for more information related to the scheme
