Bank of India, one of the largest Public Sector Banks in India, has rolled out on 3rd July, 2023, Mahila Samman Savings Certificate, 2023 at all its Branches. The Roll Out has been inaugurated at the hands of MD & CEO, Rajneesh Karnatak through VC. The inauguration session was attended by ED P.R Rajagopal and M. Karthikeyan ,CGM’s and GM’s from Corporate Office, besides this all offices of National Banking Group & Zones also joined through VC.MD and CEO Shri Rajneesh Karnatak has informed that Bank of India has operationalized the scheme at all its Branches. All Branches of Bank of India are authorised to open the account under Mahila Samman Savings Certificate, 2023.This Flagship Scheme was announced by our honourable Finance Minister Mrs Nirmala Sitharaman during Budget speech FY 2023 – 2024 on 01st Feb 2023.
In the Scheme, an individual girl or woman can open Mahila Samman Saving certificate or guardian on behalf of a minor girl. The minimum investment is of Rs 1000 and any sum in multiples of Rs 100/- may be opted to deposit in an account up to maximum limit of Rs 200000/-. An individual may open any number of accounts subject to maximum limit for investment at a time gap of three months between the two accounts but within the overall cap of Rs 2,00,000. The deposits made under this Scheme shall bear interest at the rate of 7.5 % per annum. The interest shall be compounded on a quarterly basis and credited to the account. All earnings under Mahila Samman Savings Certificate will be taxable as per existing income tax provisions. However TDS will not be deducted under the scheme.The account shall mature on completion of two years from the date of opening of account and Account under this scheme can be opened till 31/03/2025. Nomination facility is also made available in the scheme. The account can be closed before maturity in case of death of the account holder.
Premature closure facility can also be availed in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, that the operation or continuation of the account is causing undue hardship to the account holder.When an account is prematurely closed under above written conditions, interest on principal amount shall be payable at the rate applicable to the Scheme for which the account has been held i.e. at 7.5%. Account can also be prematurely closed in case of any other emergency or will of customer @5.5% i.e. with a penalty of 2% after completion of six months from the date of account opening. Partial withdrawal facility can also be availed by the account holder by withdrawing up to 40% of the eligible balance after the expiry of 1 year from date of opening of account.So far only post offices were authorised to open account under Mahila Samman Savings Certificate, but government had allowed scheduled banks for opening of MSSC vide gazette notification dated 27-06-2023.
