Bank of India became the first bank to start 'Mahila Samman Savings Certificate Scheme'

Bank of India became the first bank to start 'Mahila Samman Savings Certificate Scheme'

 Bank of India, one of the largest public sector banks (PSBs) in the country, has become the first bank to officially launch the 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 percent per annum, compounded quarterly.

 Individual girls or women can open an account under Mahila Samman Savings Certificate Scheme or a guardian can open an account on behalf of a minor girl child. The account will mature after two years from the date of opening. Accounts under this scheme can be opened till March 31, 2025.

Mahila Samman Savings Certificate

 According to a statement from the bank, while the minimum investment is Rs 1,000, any amount can be deposited in multiples of Rs 100 up to a maximum of Rs 2 lakh. Individuals can open multiple accounts with a gap of three months between each account, subject to a total investment limit of Rs 2 lakh, according to the statement.

 In case of emergency or of their own free will, customers can request for closure of their account but after six months from the date of opening a penalty of 2% may be levied.