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International Women's Day talks about female empowerment and the same cannot be achieved without getting financial independence. In view of this, let's see a comparison between Mahila Samman Savings Certificate (MSSC) and Sukanya Samriddhi Yojana (SSY)
Budget 2023 announced a new fixed-income scheme exclusively for women. Called the Mahila Samman Savings Certificate (MSSC), the new investment avenue is part of a small savings scheme. Notably, there’s another scheme run by the government which is specifically designed for girls. That is known as Sukanya Samriddhi Yojana (SSY). So, how do the two schemes compare and which is better? Let's have a look here:
A legal guardian/natural guardian can open Sukanya Samriddhi Account (SSA) in the name of a girl child who should not be more than 10 years of age. On the other hand, MSSC is available for women. There is no bar on age.
Interest rates applicable to SSA are reviewed every quarter. Currently, it is available at an interest rate of 7.6 percent.