Bank of Baroda has introduced the introduction of the Mahila Samman Savings Certificate (MSSC) Scheme, a brand new initiative which was introduced within the Union Budget 2023-24 for the profit of women.
MSSC is a 2-year deposit scheme, which gives an rate of interest of 7.5% each year. It is legitimate solely until March 31, 2025.
Both prospects and non-customers can open a MSSC account at Bank of Baroda. All women are eligible to open an account, which could be opened for herself or by a guardian (feminine or male) on behalf of a minor woman.
Under this scheme, a single account holder could make a cumulative deposit of ₹2 lakh, both at one time or in phases with a minimal deposit of ₹1,000, in multiples of ₹100.
Individuals can open a number of accounts however a minimal time hole of three months must be maintained between the prevailing account and the opening of one other account. The curiosity is compounded quarterly and credited to the MSSC account.
Partial withdrawal could be initiated by the account holder or the authorized guardian (in case of a minor) as much as 40% of the eligible steadiness after completion of one yr from the date of opening of the account.
Ajay Okay. Khurana, Executive Director, Bank of Baroda mentioned, “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.”
