CURRENT AFFAIRS : BANKING & FINANCE
Bank of India becomes 1st bank to offer Mahila Samman Savings Certificate Scheme
- The Bank of India (BoI), 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.
About Mahila Samman Savings Certificate (MSSC) Scheme :
- The MSSC is a government-guaranteed limited-period small savings scheme aimed at empowering women and fostering their financial inclusion.
- Under the scheme, individual girls or women can open an account, or a guardian can open one on behalf of a minor girl.
- The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech FY 2023-24.
Interest Rate :
- The scheme offers an interest rate of 5% per annum, compounded quarterly.
- While the minimum investment is Rs 1,000, any sum in multiples of Rs 100 can be deposited, up to a maximum limit of Rs 2 lakh.
- Individuals can open multiple accounts with a gap of 3 months between each account, subject to the overall investment cap of Rs 2 lakh.
