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The Rs 2 lakh can be deposited in a single MSSC account or in multiple MSSC accounts. But the sum of total deposits in all MSSC accounts of a woman/minor girl should not be more than Rs 2 lakh.
As multiple accounts under the MSSC scheme can be opened by an accountholder, this gives an opportunity to women to save small amounts daily and invest in separate accounts.
However, there is a rule that says there should be a time gap of three months between the existing account and the opening of another account. This means you can open one MSSC account today and another account after 3 months.
Also Read: MSSC 2023: Check notification, eligibility, last date, interest details
For example, if you save just Rs 267 per day, the amount with you at the end of the month (after 30 days) will be Rs 8010. At the end of three months, the total amount in your hand will be Rs 24,030. You can invest Rs 24000 in a new MSSC account after three months, which will earn 7.5% interest and give you approximately Rs 27,845 after the end of the maturity period of 2 years.
Thus, by investing Rs 24,000 in an MSSC account every quarter, you can get approx Rs 27,845 after every three-month interval for 2 years as each account will be maturing after a gap of three months.
MSSC account interest will be compounded quarterly and credited to the account. But the payment will be done only at the time of closure of the account. MSSC accountholders are also allowed to make a 40% withdrawal of the eligible balance after one year from the date of opening the account.
Disclaimer: The above content is for information purposes only. Please consult your financial advisor before investing in any scheme
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