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BOB Savings Scheme: Big News! Bank of Baroda launches a small savings scheme with 7.5% interest rate, check details

BOB Savings Scheme: Bank of Baroda has announced the launch of Mahila Samman Savings Certificate (MSSC) scheme, a new initiative of the government for women. Bank of Baroda is the third bank to announce this facility after Canara Bank and Bank of India along with the post office. Union Finance Minister, Smt. Nirmala Sitharaman announced Mahila Samman Savings Certificate, a small savings scheme for women and girls, in the Union Budget 2023-24.

MSSC is a 2-year deposit scheme, which offers an interest rate of 7.5% per annum. The scheme is valid for a period of two years till 31st March 2025.

Who can open Mahila Samman Savings account

At Bank of Baroda, Mahila Samman Savings Certificate Schemes can be opened by both customers and non-customers. Any woman who meets the requirements can open an account, either on her own behalf or on behalf of a girl who is minor and has a guardian (female or male).

Account limit

Under MSSC, a single account holder may deposit up to Rs 200,000 cumulatively, either all at once or gradually, with a minimum deposit of Rs 1,000 made in multiples of Rs 100.

Note that a minimum of three months must pass between opening a new account and closing an existing account before an individual can open further accounts. The Mahila Samman Savings Certificate account is charged with the interest on a quarterly basis.

Partial withdrawal

Partial withdrawal can be initiated by the account holder up to 40% of the eligible balance after completion of one year from the date of opening of the account. MSSC account opening forms are available at all Bank of Baroda branches.

Pre-mature closure of MSSC

According to the Post Office website, these are rules of premature closure of MSSC.

  • On the death of the account holder
  • On extreme compassionate ground (i) Life threatening decease of account holder (ii) death of the guardian on production of relevant documents.

Note:-Scheme interest will be paid on principal amount.

  • After six months of account opening without mentioning any reason.

Note:-Scheme interest less by 2 per cent will be paid e.g. 5.5%.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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