Bank of Baroda Launches Mahila Samman Savings Certificate Scheme: Check Interest Rates & All Details

After Canara Bank, Bank of India, and Post Office, Bank of Baroda is only the third bank to announce this facility.

New Delhi: Bank of Baroda, the second largest public sector bank of India, has announced the lauch of the Mahila Samman Savings Certificate (MSSC) scheme. The bank has announced that 7.5 percent interest will be offered on a 2-year deposit plan in this scheme. The Mahila Samman Savings Certificate, a microsavings program for women and girls, was introduced by Union Finance Minister Nirmala Sitharaman in the Union Budget 2023–24.

Notably, Bank of Baroda is the third financial institution to announce this facility after Canara Bank, Bank of India, and the Post Office.

Mahila Samman Savings Account: Eligibility

Mahila Samman Savings Certificate Schemes at Bank of Baroda can be opened by both customers and non-customers. Anyone who satisfies the conditions is permitted to open an account, either on her own behalf or on behalf of a juvenile girl who has a guardian (either female or male).

Account Ceiling

A single account user is permitted to deposit up to Rs 200,000 cumulatively under the MSSC, either all at once or gradually, with a minimum deposit of Rs 1,000 made in multiples of Rs 100.

Minimum Deposit

The scheme has a minimum deposit requirement of Rs 1000 and a maximum deposit limit of Rs 2 lakh per account, or the aggregate of all accounts maintained by an account user. Maintaining a three-month separation between opening a new account and any active accounts is crucial.

Withdrawal

The government permits a withdrawal of 40 percent of the qualified sum after a year from the account’s opening date.

Delayed Remittance Fine

In the event of remittance delays, the bank will pay a fine equal to the depositor’s interest rate plus an extra 0.5 percent for delays up to thirty days. A 1 percent penalty will be applied for delays that last longer than thirty days.

Last month, the government announced that both private and public sector banks, including ICICI Bank, Axis Bank, HDFC Bank, and IDBI Bank, are permitted to facilitate and open accounts for the Mahila Samman Savings Certificate, 2023.