New Delhi: The Indian government has launched a host of schemes in recent years for the benefit of the common people. Those schemes have been implemented to improve the lives of those who face difficulty in accessing the benefits in society. Among those schemes, the Sukanya Samriddhi Yojana and the Mahila Samman Savings Certificate are crucial for the girls and women in our country. In this article, we will take a look at the difference between the two schemes.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a small deposit scheme which has been launched only for a girl child. It was launched as a part of the Beti Bachao Beti Padhao Campaign of the central government. Its aim is to meet the education and marriage expenses of a girl child.
Eligibility of the scheme
Any girl child who is a citizen of India and lives in the country from the time of opening the account till the time of maturity or closure.
Benefits of Sukanya Samriddhi Yojana
The benefits of the Sukanya Samriddhi Yojana are as follows:
- Under the Sukanya Samriddhi Yojana, one can deposit a minimum of Rs 250 and a maximum of Rs 1,50,000.
- One can open an account in the name of a girl child till she turns 10. The account can be prematurely closed in case of marriage of girl child after she attains the age of 18 years.
- With effect from January 1, 2024, the interest rate on deposits has been 8.2 per cent. The amount invested is compounded every year with option for monthly interest pay-outs to be calculated on balance in completed thousands.
- The account shall mature after the completion of 21 years from the date of the account opening. Also, the interest earned in the account is free from Income Tax under Section -10 of the I.T.Act.
What is the Mahila Samman Savings Certificate?
The central government launched the Mahila Samman Savings Certificate scheme to give financial security to every girl and woman in the country. Since April 1, 2023, the scheme has been in operation and is valid for two years upto March 31, 2025.
Eligibility of Mahila Samman Savings Certificate
This scheme is just for women and girl children and the applicant must be an Indian citizen residing in the country. Any woman can apply for the benefits of this scheme and a guardian can open the account of a minor.
Benefits of Mahila Samman Savings Certificate
The benefits of the Mahila Samman Savings Certificate are as follows:
- It gives the girls and women in the country attractive and secure investment options.
- It offers a fixed interest of 7.5 per cent interest compounded every quarter with flexible investment and the option to partially withdraw with a maximum ceiling of Rs 2,00,000.
- The scheme’s tenure is two years and the interest shall be compounded on a quarterly basis and credited to the account.
- One can open an account on or before March 31, 2025, for two years and the minimum amount to be deposited is Rs 1,000 while the maximum limit is Rs 2,00,000.
