BOB Savings Scheme : Bank of Baroda has announced the launch of Mahila Samman Savings Certificate (MSSC) scheme, a new initiative of the government for women. Bank of Baroda has announced to start this facility after Canara Bank and Bank of India along with the post office.
Mahila Samman Savings Certificate, a small savings scheme for women and girls was announced by the Union Finance Minister Nirmala Sitharaman in the Union Budget 2023 -24. MSSC is a two year deposit scheme. It gets interest at the rate of 7.5% per annum. This scheme is being given for a period of two years till March 31, 2025.
Who can open Mahila Samman Savings Account?
Mahila Samman Savings Certificate Schemes in Bank of Baroda can be opened by customers and non-customers. Any woman who meets the requirements can open an account. A maximum of Rs 2 lakh can be deposited under the MSSC account.
Can invest so much
Investment in Mahila Samman Savings Certificate Scheme will be done for 2 years. This scheme is open for investment till March 2025 i.e. for a period of two years. Under this scheme, Rs 2 lakh can be invested in the name of women or girls. In this, a fixed interest of 7.5 percent is available for every year. 40% of the money can be withdrawn after 1 year of account opening.
An investment of Rs 2 lakh will generate this much income in 2 years.
If you invest Rs 2 lakh in Mahila Samman Savings Certificate for 2 years, you will get Rs 2.32 lakh on maturity. It works like FD.
Where can I get Women’s Honor Savings Certificate?
At present it is available only in post offices and some banks. You can visit your nearest post office or Canara Bank and Bank of India followed by Bank of Baroda and submit the form to open the account. Apart from this, you will have to provide KYC documents i.e. Aadhaar and PAN card. You will also have to give the pay-in-slip along with the cheque. Apart from post offices and all public sector banks, private sector banks like ICICI Bank, Axis Bank, HDFC Bank Ltd and IDBI Bank are also offering Mahila Samman Savings Certificate.
