GulfHindi English Desk: Bank of Baroda has recently launched the ‘Mahila Samman Savings Certificate’ (MSSC) scheme, which is a new initiative by the government and is specifically for women. According to the Bank of Baroda’s press release, they are the third bank to announce this facility, along with Canara Bank and Bank of India, with the post office also included.
The MSSC is a 2-year deposit scheme that provides an interest rate of 7.5% per annum. This scheme is valid for a period of two years until March 31, 2025.
Any woman who fulfills the requirements can open a Mahila Samman Savings Account in Bank of Baroda, either on her own behalf or on behalf of a minor girl with a parent (either female or male) as the guardian.
Under the MSSC, a single account holder can deposit a total amount of up to INR 200,000, either in one go or gradually, with a minimum deposit of INR 1,000 and in multiples of INR 100.
After completion of one year from the date of opening the account, the account holder can make a partial withdrawal of up to 40% of the eligible balance.
In the event of the account holder’s death, in extremely compassionate circumstances (in case of life-threatening illnesses of the account holder or the guardian’s death with eligible documents) and without any reason stated after six months of opening the account, the MSSC can be prematurely closed.
The table below highlights the key points of the scheme:
Interest Rate: 7.5% per annum
Scheme Duration: 2 years (until March 31, 2025)
Account Holders: Women customers and non-customers
Account Limit: INR 1,000 to INR 200,000
Partial Withdrawal: Up to 40% after one year
Premature Closure: On account holder’s death, compassionate circumstances, or after six months of opening the account without any reason stated.
Related post
en.gulfhindi.com News Summary
👉The Bank of Baroda has recently launched the ‘Mahila Samman Savings Certificate’ (MSSC) scheme, which is a new initiative by the government and is specifically for women.
👉Bank of Baroda is the third bank to announce this facility, along with Canara Bank and Bank of India, along with the post office.
👉MSSC is a 2-year deposit scheme that provides an interest rate of 7.5% per annum. This scheme is valid for a period of two years until March 31, 2025.
👉The Mahila Samman Savings Account can be opened by customers and non-customers of Bank of Baroda. Any woman who fulfills the requirements, either on her own or on behalf of a minor girl with a parent (female or male), can open an account.
👉Under MSSC, an individual account holder can deposit a total amount of up to INR 200,000, either in one go or gradually, with a minimum deposit amount of INR 1,000, which should be in multiples of INR 100.
👉After completion of one year from the date of opening the account, the account holder can make partial withdrawals of up to 40% of the eligible balance.
👉The MSSC scheme can be prematurely closed in the event of the account holder’s death, in extremely compassionate circumstances (in case of life-threatening diseases of the account holder or on the demise of the parent with eligible documents), or without giving any reason after six months of opening the account.
👉The key points of the scheme are as follows:
👉Interest rate: 7.5% per annum
👉Scheme duration: 2 years (valid until March 31, 2025)
👉Account holders: Women customers and non-customers
👉Account limit: INR 1,000 to INR 200,000
👉Partial withdrawal: Up to 40% after one year
👉Premature closure: In case of account holder’s death, compassionate circumstances, or after six months of opening the account.
You are reading Mid-East Award Winning news outlet GulfHindi
