Bank Of Baroda came out with Mahila Samman Savings Certificate (MSSC) Scheme

Last Updated on July 18, 2023 by Brajesh

According to the press release by Bank of Baroda, they have become the third bank to offer the Mahila Samman Savings Certificate, following Canara Bank and Bank of India, along with the Post Office. The scheme is likely to provide women and girls with a secure and attractive savings instrument to encourage financial independence and growth.

What is MSSC & Who can apply

Mahila Samman Savings Certificate Scheme is available for both customers and non-customers. Any eligible woman can open an account either in her own name or on behalf of a minor girl under the guardianship of a female or male guardian. The MSSC is a two-year deposit scheme with an annual interest rate of 7.5%. The scheme is valid until March 31, 2025.

Amount & Account Limit

In this scheme, the maximum limit for deposits is set at Rs. 2 lakh, which can be distributed across one or multiple accounts. While you are allowed to open multiple accounts under this scheme, the total investment across all accounts should not exceed Rs. 2 lakh. Additionally, there should be a minimum three-month gap between the opening date of an existing account and the opening date of a new account.

Partial withdrawal & Premature Closure 

The account holder is allowed to initiate partial withdrawals up to 40% of the eligible balance after one year from the date of opening the account. MSSC account opening forms are accessible at all branches of Bank of Baroda. In the event of the account holder’s death or under extreme compassionate circumstances such as life-threatening illness of the account holder or the death of the guardian, the scheme allows for withdrawals upon submission of appropriate documents.

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