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Bank of Baroda launches Mahila Samman savings certificates
July 14, 2023
Bank of Baroda has announced the launch of the Mahila Samman Savings Certificate (MSSC) Scheme, a new initiative by the Government for women, according to the Bank of Baroda press release.
Bank of Baroda is the third bank to announce this facility after Canara Bank and Bank of India along with Post Office. Union Finance Minister, Smt. Nirmala Sitharaman announced the Mahila Samman Savings Certificate, a small savings scheme for women and girls, in the Union Budget 2023-24.
MSSC is a 2-year deposit scheme, which offers an interest rate of 7.5% per annum. The scheme is valid for a two-year period up to March 31, 2025.
At Bank of Baroda, Mahila Samman Savings Certificate Schemes can be opened by both customers and non-customers. Any woman who meets the requirements can open an account, either on her own behalf or on behalf of a girl who is minor and has a guardian (female or male).
Under MSSC, a single account holder may deposit up to ₹200,000 cumulatively, either all at once or gradually, with a minimum deposit of ₹1,000 made in multiples of ₹100.
Note that a minimum of three months must pass between opening a new account and closing an existing account before an individual can open further accounts. The Mahila Samman Savings Certificate account is charged with the interest on a quarterly basis.
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