Bank of Baroda has taken a significant step towards promoting savings among women.
The bank has recently announced the introduction of the Mahila Samman Savings Certificate (MSSC) scheme, in line with the government’s new initiative.
This scheme follows the footsteps of Canara Bank, Bank of India, and the post office, making Bank of Baroda the third bank to offer this facility.
Introducing the Mahila Samman Savings Certificate
As part of the Union Budget 2023-24, Union Finance Minister Nirmala Sitharaman announced a special savings scheme named Mahila Samman Savings Certificate for women and girls.
This scheme is designed as a 2-year deposit plan, offering a competitive interest rate of 7.5% per annum. The scheme will remain valid until March 31, 2025.
Eligibility and Account Details
The Mahila Samman Savings Certificate scheme is open to both existing customers and non-customers of Bank of Baroda.
Any woman who meets the necessary requirements can open an account in her name or on behalf of a minor girl with a guardian (either female or male).
Account Limitations
Under the Mahila Samman Savings Certificate scheme, individuals can deposit up to Rs. 2,00,000 in their account.
Deposits can be made gradually or as a lump sum. The minimum initial deposit is Rs. 1,000, with subsequent deposits in multiples of Rs. 100.
It is important to note that a three-month gap must be maintained between closing an existing account and opening a new one.
Interest on the Mahila Samman Savings Certificate account is calculated on a quarterly basis.
By introducing the Mahila Samman Savings Certificate scheme, Bank of Baroda aims to encourage women to save and achieve financial independence.
This initiative contributes to the government’s efforts to promote women’s empowerment and financial inclusion.
