Post Office saving scheme for women: Sukanya Samriddhi Scheme and Mahila Samman Savings Certificate

New Delhi: Post Office saving schemes from women such as Mahila Samman Savings Certificate and Sukanya Samriddhi Account Scheme held to build a corpus for the girl child as well as women. Here, investments can be made by guardians in the child’s name if she is under 10 years of age. The Mahila Samman Savings Certificate accepts contributions for both women and minor girls. However, these schemes differ in terms of interest rates, premature withdrawals and investment limits. Let’s explore these distinctions.

Mahila Samman vs Sukanya Samriddhi interest rates

Post Offices offer an interest rate of 8.2 per cent per annum to Sukanya Samriddhi Account holders. The interest is compounded annually and calculated on the lowest balance in the account between the fifth day and the end of each calendar month. On Mahila Samman Savings scheme, a fixed interest rate of 7.5 per cent per annum is paid. Here, interest is compounded quarterly.

Mahila Samman vs Sukanya Samriddhi investment cap

Post Office saving scheme for women such as Mahila Samman Savings Certificate allows a minimum investment of of Rs 1,000 and a maximum limit of Rs 2 lakh is allowed. Sukanya Samriddhi Account Scheme allows a minimum investment of Rs 250 capped at Rs 1.50 lakh per annum. The amount can be deposited in a lump sum or in instalments. Account will be treated as defaulted if the depositor fails to contribute a minimum deposit of Rs. 250 in a Financial year.

Mahila Samman vs Sukanya Samriddhi maturity

Mahila Samman Savings Certificate can be opened for 2 years after which the balance will be paid to the depositor. Sukanya Samriddhi Account Scheme can be closed after 21 years from the date of opening of the account. It can also be closed at the time of the girl’s marriage, once she attains the age of 18 years.

Mahila Samman vs Sukanya Samriddhi premature closure

Sukanya Samriddhi Account can be prematurely closed after 5 years either on the death of the account holder or a life-threatening disease afflicting them. The account can also be closed on the death of the guardian who was operating the account.

Pre-mature closure is allowed under the Mahila Samman Savings Certificate either on the death of the account holder or on extremely compassionate grounds such as a life-threatening disease afflicting the accountholder.

 Post Office saving scheme for women: Sukanya Samriddhi Account Scheme and Mahila Samman Savings Certificate Scheme holders interest rate and investment limits compared.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today