Women's Day Special: Investment avenues for women

On the occasion of Women's Day, celebrated on the 8th of March, here are some of the government schemes and investment benefits aimed at enabling women gain financial freedom.

Mahila Samman Savings Certificate (MSSC): Budget 2023 announced a new small savings scheme exclusively for women. Here are the details of the scheme:

1. This is a one-time scheme available for 2 years beginning April 1st 2023 until March 2025.
2. Interest rate of 7.5% will be offered for this scheme.
3. The maximum investment limit for this scheme is Rs 2 lakh.
4. The scheme has a partial withdrawal facility as well.
5. Small savings schemes are usually eligible for tax exemption under section 80 C.

Sukanya Samriddhi Yojana: This scheme was launched with the aim of securing the future of a girl child. The account for this scheme can be opened in the name of a girl child by her parents or legal guardian at any time, before she turns 10. Here are the details of the scheme:

1. Only one account per girl child is allowed.
2. Currently, the interest rate is 7.6%, but this is subject to changes every 3 months.
3. Minimum investment of Rs 250 and a maximum investment of Rs 1,50,000 can be made per financial year.
4. Minimum deposit of Rs 250 needs to be made every year for 15 years.
5. The scheme matures after the completion of 21 years from the account opening.
6. Partial withdrawal of 50% can be done for marriage (after the age of 18) or higher education of the girl child.
7. The scheme qualifies for deduction under section 80 C and the interest on the investment is also exempt from tax.

Benefits while buying real estate: There are several benefits that Indian women can avail of while buying real estate. This includes:

1. To avail homes under the government’s Pradhan Mantri Awas Yojna (PMAY), homes have to be registered either in a woman’s name or with a woman as co-owner.
2. Lower stamp duty: Stamp duty charges are lower if the property is registered in a woman's name. However, this benefit varies from state to state.
3. Many banks offer a lower interest rate for home loans to women.