The government offers various social security schemes through the post office. It runs two flagship schemes for women’s financial independence and empowerment: Sukanya Samriddhi Yojana and Mahila Samman Savings Certificate, catering to their different needs.

Although the post office runs other small savings schemes like fixed deposits, recurring deposits, senior citizens savings scheme (SCSS), public provident fund (PPF), etc., Sukanya Samriddhi Yojana and Mahila Samman schemes are exclusively for women.

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Let’s take a look at these schemes in detail:

Sukanya Samriddhi Yojana (SSY): 

The government launched the Sukanya Samriddhi Yojana in 2015 under its “Beti Bachao Beti Padhao” (Save the Girl Child, Educate the Girl Child) mission to ensure the girl child’s financial security. Parents and guardians can open a Sukanya Samriddhi account only if the child is below 10 years old. The minimum investment period is 15 years, and maturity is 21 years. The scheme allows for partial withdrawals for education and marriage when the girl turns 18.

The minimum investment in SSY is Rs 250 in a financial year, and the maximum is Rs 1.5 lakh. The scheme offers an interest rate of 8.2 per cent, effective January 1, 2024. Parents can open SSY accounts for a maximum of two girls per family at post offices and banks. The SSY account falls under the Exempt-Exempt-Exempt (EEE) category of the income tax rules, meaning tax exemption up to Rs 1.5 lakh on investments annually under Section 80C of the Income-tax Act and exemptions on interest earned during the investment period and maturity proceeds. The interest is compounded annually; the account continues to earn interest even after maturity.

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Mahila Samman Savings Certificate (MSSC):

The Mahila Samman Savings Certificate was introduced in Budget 2023 by the government. It is a one-time deposit scheme for women, with a minimum investment of Rs 1,000 and a maximum of Rs 2 lakh. It is a short-term scheme open only until March 31, 2025. On maturity after two years, the entire amount (principal and interest) is returned to the investor.  

However, it allows partial withdrawals of up to 40 per cent of the amount after a year. One can also close the account prematurely under specific situations, like a life-threatening disease or death. 

A woman can open the account herself, or a guardian can open it on behalf of a minor girl. Its current interest rate is 7.5 per cent annually and is compounded quarterly. The scheme does not provide tax benefits; the deposited amount and the interest earned are taxable. Until June 2023, the scheme was available only at post offices, but now banks also offer this scheme.  

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