Public sector lender Bank of Baroda on Thursday announced the launch of Mahila Samman Savings Certificate (MSSC) scheme. This is a 2-year deposit scheme, which offers an interest rate of 7.5 percent per annum. The Union Finance Minister Nirmala Sitharaman announced the Mahila Samman Savings Certificate, a small savings scheme for women and girls in the Union Budget 2023-24.
The scheme is valid for a two-year period up to March 31, 2025.
Both customers and non-customers can open a
Mahila Samman Savings Certificate Scheme at Bank of Baroda. All women are eligible to open an account, which can be opened for herself or by a guardian (female or male) on behalf of a minor girl.
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.
