Bank FD vs Mahila Samman Savings Scheme Recently Mahila Samman Savings Certificate Scheme has been started for women. How beneficial is this from FDs that pay more interest. Let’s know about it.
In the Budget 2023-24, Finance Minister Nirmala Sitharaman has launched a new scheme to promote investment habits by women. The budget introduced a one-time small savings scheme for women investors, known as the Mahila Samman Savings Certificate (MSSC).
Now the question arises whether it will be right for the women of the country to invest in Mahila Samman Savings Certificate Scheme or it will be more beneficial to invest in Bank FD, which is getting more interest. Therefore, today we will tell you about the more beneficial scheme between Bank FD and Mahila Samman Savings Certificate.
Mahila Samman Savings Certificate (MSSC)
Investments can be made for a maximum period of two years under the Mahila Samman Savings Certificate Scheme. It offers an interest of 7.5 percent and is a one time savings scheme. That is, investors can invest up to two lakh rupees at a time. Also, the account of a girl child of 10 years or more can be opened under this scheme.
Bank FD with high interest
If we talk about FD interest received from banks, then maximum interest of 7 percent is available in it. Banks like the country’s top banks like State Bank of India (SBI), Axis Bank, HDFC, ICICI and Kotak are getting interest ranging from 3% to 6.35% during this period.
For a tenure of 2 years, the interest rate for SBI FD is 6.75%, Axis Bank FD 7.26%, HDFC Bank FD 7%, ICICI Bank FD 7% and Kotak Bank FD 6.75%.
On which scheme investment will be beneficial
According to DS Banerjee, a former advisor in SBI, the Mahila Samman Savings Certificate Scheme currently fetches 0.50 to 1% more interest than the interest rate offered by banks on FDs. However, under the Deposit Insurance Scheme of RBI, FDs made in scheduled banks are guaranteed up to Rs 5 lakh. Therefore, if women are opting for the Samman Savings Certificate scheme, then the security and dependability of the bank should be considered.
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