MSSC Account Open in Bank Of India: From April 1, the MSSC Scheme has been implemented across the country and women can open an account in any post office. But, Bank of India has become the first bank which is providing account opening facility for this scheme.
Finance Minister Nirmala Sitharaman, while presenting the Union Budget in February, had declared Mahila Samman Saving Scheme (MSSC Scheme), a savings scheme offering the highest interest rate, with the intention of strengthening women financially. From April 1, this scheme has been implemented across the country and women can open an account in any post office. But, Bank of India has become the first bank which is providing account opening facility for MSSC Scheme to eligible women.
Bank of India has become the first public sector bank to launch Mahila Samman Savings Certificate 2023. Bank of India is the first bank to operate this scheme in all its branches. Till now the account of this savings scheme could be opened only in post offices. Explain that the Finance Ministry has issued an e-Gazette notification on June 27, 2023, allowing all public sector banks and eligible private sector to implement and operate Mahila Samman Savings Certificate 2023.
MSSC Account Premature Closure Rules
Mahila Samman Savings Certificate The account can be closed prematurely in case of death of the account holder. There is a facility to close the account prematurely in case of serious illness etc. In case of early closure of the account, interest will be payable on the principal amount at the standard rate of 7.5% of the scheme.
Account closure penalty and partial withdrawal rules
After six months from the date of opening the account of Mahila Samman Savings Scheme, the customer can request for closure of the account by paying a penalty of 2%. In such a situation, the rate of interest will be 5.5% on the principal amount. At the same time, after one year from the date of account opening of MSSC Scheme, account holders can make partial withdrawal up to 40% of the eligible balance.
Benefits of Mahila Samman Savings Certificate Scheme
- In Mahila Samman Savings Certificate Scheme, any woman can open an investment account for a period of two years.
- The minimum investment amount in MSSC Scheme is Rs 1,000 and the maximum investment limit is Rs 2 lakh.
- The investors of the scheme are being given a quarterly compound interest rate of 7.5 percent.
- On need, the option of partial withdrawal of 40% of the amount deposited in the account is available.
- On the death of the account holder, the account can be closed and the amount can be given to the nominee.
- The Mahila Samman Savings Certificate Scheme has been made valid till March 31, 2025.
