Bank of Baroda has announced the introduction of the Mahila Samman Savings Certificate (MSSC) Scheme, a new initiative which was announced in the Union Budget 2023-24 for the benefit of women.
MSSC is a 2-year deposit scheme, which offers an interest rate of 7.5% per annum. It is valid only till March 31, 2025.
Both customers and non-customers can open a MSSC account 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 ₹2 lakh, either at one time or in phases with a minimum deposit of ₹1,000, in multiples of ₹100.
Individuals can open multiple accounts but a minimum time gap of three months has to be maintained between the existing account and the opening of another account. The interest is compounded quarterly and credited to the MSSC account.
Partial withdrawal can be initiated by the account holder or the legal guardian (in case of a minor) up to 40% of the eligible balance after completion of one year from the date of opening of the account.
Ajay K. Khurana, Executive Director, Bank of Baroda said, “The MSSC Scheme will be available at all our branches across the country. MSSC will facilitate the empowerment of women from all walks of life and Bank of Baroda will leverage its significant presence across the country to support this initiative by the Government.”
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