Bank of Baroda Introduces New Small Savings Scheme Offering 7.50% Return

Rajesh
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Bank of Baroda (Bank), one of India's leading public sector banks, has recently launched the Mahila Samman Savings Certificate (MSSC) Scheme. This scheme, introduced by Union Finance Minister Smt. Nirmala Sitharaman in the Union Budget 2023-24, is a government initiative designed to empower women financially. With a 2-year deposit scheme, MSSC offers an attractive 7.5% annual interest rate, and the interest is credited to the Mahila Samman Savings Certificate account on a quarterly basis. This small savings scheme for women and girls will remain valid until March 31, 2025.

Bank Of Baroda

Both bank customers and non-bank customers can open Mahila Samman Savings Certificate accounts at Bank of Baroda. Any woman who meets the eligibility criteria can create an account in her own name or on behalf of a minor girl. The account can be opened with a minimum deposit of Rs 1,000, made in multiples of Rs 100. Under this scheme, a single account holder can deposit up to Rs 2 lakh collectively. After 3 months of opening the account, an individual can apply for the opening of another account.

Shri Ajay K. Khurana, Executive Director of Bank of Baroda, expressed his thoughts on the scheme, stating, "The Mahila Samman Savings Certificate (MSSC) Scheme is specially designed for women, aiming to encourage their investments and ensure their financial independence. We are delighted to launch the MSSC scheme, which will be available at all our branches nationwide. Through MSSC, Bank of Baroda aims to empower women from all walks of life, leveraging our extensive presence across the country to support this government initiative."

Upon completion of one year since the account's opening, the account holder or the legal guardian (in the case of a minor) can request a partial withdrawal of up to 40% of the account balance. Bank of India (BoI), another public sector bank, had officially launched the Mahila Samman Savings Certificates a week ago. Presently, the latest small savings program, Mahila Samman Saving Certificate (MSSC) 2023 accounts, can be opened in 12 public sector banks and 4 private sector institutions. Interested individuals can apply for a Mahila Samman Savings Certificate, 2023, at all public sector institutions, as well as ICICI Bank, Axis Bank, HDFC Bank Ltd, and IDBI Bank, as per a recent notification from the Finance Ministry.

It is important to note that any earnings from the Mahila Samman Savings Certificate will be subject to taxation according to the Income Tax guidelines. Bank of Baroda remains committed to empowering women through this new savings scheme, encouraging them to invest and secure their financial future.

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