Bank of Baroda rolls out Mahila Samman Savings Certificate facility

Under this scheme, a single account holder can make a cumulative deposit of Rs 2 lakh – either at one time or in phases with a minimum deposit of Rs 1,000, in multiples of Rs 100. Individuals can open multiple accounts but a minimum time gap of three months is to be maintained between the existing account and the opening of another account. The interest is compounded quarterly and credited to the Mahila Samman Savings Certificate account.

Partial withdrawal can be initiated by the account holder or the legal guardian (in case of a minor) up to 40 percent of the eligible balance after completion of one year from the date of opening of the account.