According to the history of organised savings in India, the Government Savings Bank Act was passed in 1873. Only 9 years later, in 1882, the Post Office Savings Bank of India was born, flagging off the journey of the post office into the savings and investment landscape which continues to this day.
Several investment instruments are available in post offices, all of which carry sovereign guarantee. But there are a couple of them which are designed specifically for women. These are Mahila Samman Savings Certificate and Sukanya Samriddhi Yojana.
Mahila Samman Savings Certificate: who can invest
Any woman can invest in a Mahila Samman Savings Certificate for herself or on the behalf of a girl being her guardian. The minimum deposit in it is Rs 1,000 and by multiples of Rs 100 thereof. However, one cannot invest more than Rs 2 lakh in a Mahila Samman Savings Certificate. Another point to remember is that a gap of at least 3 months has to be maintained between opening two different accounts.
Interest in Mahila Samman Savings Certificate
A holder of the Mahila Samman Savings Certificate is entitled to receive interest payment at 7.5% per annum. This interest is compounded quarterly. It is paid to the account and the entire amount is paid to the holder of the certificate when the account is closed. The Mahila Samman Savings Certificate bears a maturity period of 2 years from the date of purchase of the certificate.
Sukanya Samriddhi Account: who can open
Any parent/guardian of a girl child can open a Sukanya Samriddhi account. But she should be below 10 at the time of opening the account. Only one account can be opened in the name of one child. Rules state that a maximum of 2 accounts can be opened in the names of 2 girl children in a family.
Sukanya Samriddhi Account investment, interest
One can open an account with a minimum investment of Rs 250. The maximum is Rs 1.5 lakh a year. One can invest Rs 1.5 lakh a year for the first 15 years after opening the account. The interest that Sukanya Samriddhi pays is the highest. It is 8.2% per annum, which is the maximum for any government-backed scheme open to the public.
