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Bank of India becomes first bank to offer Mahila Samman savings certificate
July 05, 2023
Bank of India, one of the largest public sector banks (PSBs) in the country, has become the first bank to officially roll out Mahila Samman Savings Certificate (MSSC) scheme.
The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech this year. The scheme offers an interest rate of 7.5 per cent per annum, compounded quarterly.
Individual girls or women can open an account under the Mahila Samman Savings Certificate sheme or a guardian can open an account on behalf of a minor girl.
The account will mature after two years from the date of opening. Accounts under this scheme can be opened until March 31, 2025.
According to a statement by the bank, while the minimum investment is ₹1,000, any sum in multiples of ₹100 can be deposited, up to a maximum limit of ₹2 lakh.
Individuals can open multiple accounts with a gap of three months between each account, subject to the overall investment cap of ₹2 lakh, per the statement.
Account closure can be requested by the customer in case of emergencies or at their discretion, with a penalty of 2 per cent after six months from the date of account opening, and the applicable interest rate will be 5.5 per cent, the bank said.
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