Bank of Baroda, one of India's leading public sector banks, has introduced the Mahila Samman Savings Certificate (MSSC) Scheme, a new initiative aimed at empowering women through financial independence. Nirmala Sitharaman, the Union Finance Minister, revealed the program in the Union Budget 2023–24. It provides a 2-year deposit with a favorable interest rate of 7.5% annually.
A minimum deposit of Rs 1,000 and a maximum cumulative deposit of Rs 2,00,000 are required to open an account under the MSSC Scheme with the Bank of Baroda. It is open to both current and potential customers. Any woman, regardless of age or background, is qualified to open an account, either on her behalf or that of a juvenile girl, who may have a male or female guardian.
The scheme allows for flexibility in deposits, allowing account holders to make a cumulative deposit at their convenience, either in a lump sum or in multiple phases, with a minimum deposit increment of Rs 100. Interest on the MSSC account is compounded quarterly and credited to the account, providing account holders with steady growth in their savings.
One of the key features of the MSSC Scheme is the provision for partial withdrawal. The account holder, or the legal guardian in the event of a minor, may request a partial withdrawal of up to 40% of the eligible balance after one year has passed since the account was opened. This gives people the choice to retrieve a portion of their savings while still enjoying the program's advantages.
Shri Ajay K. Khurana, Executive Director of Bank of Baroda, expressed his enthusiasm for the MSSC Scheme, stating that it is designed to encourage women to invest and ensure their financial independence. He emphasized the bank's commitment to supporting the government's initiative by making the scheme available at all Bank of Baroda branches across the country.
Women empowerment and financial independence are central goals of the MSSC Scheme. By providing women with a dedicated savings scheme and a competitive interest rate, the Bank of Baroda aims to enable women from all walks of life to take control of their financial future. The bank's extensive network ensures that women across the country have easy access to the scheme and can benefit from the financial opportunities it offers.
Bank of Baroda's Mahila Samman Savings Certificate Scheme is a significant step towards empowering women and promoting their financial inclusion. As women play a crucial role in society and the economy, initiatives like the MSSC Scheme contribute to their overall empowerment, fostering a more equitable and prosperous future for all.
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