The government runs many schemes to provide financial independence to women. Some of these schemes are managed by the post office, including the Sukanya Samriddhi Yojana (SSY) and the Mahila Samman Saving Certificate. These schemes offer attractive interest rates to eligible applicants. If you are planning to invest in one of these schemes, let’s find out which one is the best option for you.

Sukanya Samriddhi Yojana vs. Mahila Samman Saving Certificate: Which One is Better?

The government offers several schemes to provide financial security to women. Two popular schemes are Sukanya Samriddhi Yojana (SSY) and Mahila Samman Saving Certificate. Let’s compare them to understand which one suits you better.

Sukanya Samriddhi Yojana (SSY)

Launched in: January 2015 (Ongoing scheme)

Who can apply?

Parents can open an account in the name of a girl child up to 10 years of age. A maximum of two accounts per family are allowed (three in case of twin girls).

Minimum and Maximum Deposit: ₹250 (minimum) to ₹1.5 lakh (maximum) per year.

Interest Rate: 8.2% per annum.

Lock-in Period: Deposits can be made for 15 years, and the account matures when the girl turns 21. A partial withdrawal (50%) is allowed when she turns 18.

Tax Benefits: Investments qualify for a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act.

Mahila Samman Saving Certificate

Launched in: April 2023 (Valid until March 31, 2025)

Who can apply?

Any woman can invest in this scheme. Parents can also open an account for a minor girl.

Minimum and Maximum Deposit: ₹1,000 (minimum) to ₹2 lakh (maximum). A woman can have multiple accounts, but the total investment limit remains ₹2 lakh. A gap of 3 months is required between opening the second account.

Interest Rate: 7.5% per annum.

Lock-in Period: 2 years. Partial withdrawal of 40% is allowed after 1 year. The account can be closed after 6 months with a 2% penalty.

Availability: This scheme is available at 1.59 lakh post offices across the country.

Both schemes offer strong interest rates and financial security, but Sukanya Samriddhi Yojana is a long-term investment plan for girls, while Mahila Samman Saving Certificate is a short-term savings option for women. Choose the scheme based on your financial goals.