Mahila Samman Savings Certificate: Today we are going to tell you which scheme can be more beneficial for you among women saving scheme or bank FD. Let us know about it in detail…
Bank FD Interest Rates: Everyone wants to earn maximum returns on investment. Many people are investing in FD because of higher returns. But if you are planning a two-year FD or post office savings scheme, then you can also invest through ‘Mahila Samman Savings Certificate’.
This scheme is a good option to invest money for short term. In this you can consider investing in the name of mother, wife or daughter. The interest rate available in Mahila Samman Savings Scheme is higher than most banks.
You can invest a maximum of Rs 2 lakh in this scheme. This can be the best investment option compared to other small savings schemes. Let us compare Mahila Samman Certificate with the interest rates available on FDs of big banks.
Withdrawals –
Mahila Samman Certificate offers a fixed interest rate of 7.5% for a tenure of two years. In this, the minimum investment is Rs 1,000 and the maximum investment is Rs 2 lakh. Its interest is calculated on every three months basis but it is paid only on maturity. After one year, you can withdraw up to 40 percent of the amount from this account as per your need.
This account can be closed prematurely without paying any penalty in case of death of the account holder or any other emergency. Apart from this, you can close this account without giving any reason after six months of opening it. But for this you will have to pay some amount as fee.
Penalty –
If you withdraw money from this scheme before the due date then the interest rate will be reduced by 2%. The interest rate you will get will be 5.5%. Big banks including State Bank of India (SBI), HDFC, ICICI Bank, Canara Bank, Yes Bank and PNB currently offer interest rates ranging from 3% to 7.25%. Are offered.
State Bank of India –
State Bank of India offers interest rates between 3% to 7.10% for tenures ranging from 7 days to 10 years. For tenure of more than one year and less than two years, SBI offers 6.80% for general citizens and 7.30% for senior citizens.
HDFC Bank –
HDFC Bank offers interest rates between 3% to 7.20% for tenures ranging from 7 days to 10 years. For tenure of 15 months to less than 18 months, HDFC Bank offers 7.10% for general citizens and 7.60% for senior citizens.
ICICI Bank –
ICICI Bank offers interest rates between 3% to 7.10% for tenures ranging from 7 days to 10 years. On tenures from 15 months to less than two years, ICICI Bank offers 7.10% for general citizens and 7.60% for senior citizens.
Canara Bank –
Canara Bank offers interest between 4% to 7.25% for tenure ranging from 7 days to 10 years. For tenures of more than one year and less than two years, Canara Bank offers 6.85% for general citizens and 7.35% for senior citizens. Whereas, it gives interest of 7.25% on a period of 444 days.
Yes Bank –
Yes Bank offers interest rates between 3.25% to 7.50% for tenures ranging from 7 days to 10 years. On tenure of more than 18 months to less than 24 months, Yes Bank offers 7.50% for general citizens and 8% for senior citizens.
Punjab National Bank –
PNB offers interest rates between 3.50% to 7.25% for tenures ranging from seven days to 10 years. For tenures ranging from 445 days to more than two years, PNB offers 6.80% for general citizens and 7.30% for senior citizens. 7.25% interest is being offered on FD of 444 days.
