BOB account holders will get new benefits? Bank of Baroda made a big announcement! Bob Saving Accounts Good News 2025 – StudyToper

There is good news for the account holders of Bank of Baroda. The bank has recently announced a new plan that has been specially designed for women and girls. The scheme is known as Mahila Samman Savings Certificate and includes many attractive benefits.

Under this new scheme, women and girls can avail high interest rate of 7.5% on their savings. This rate is currently much higher than most bank fixed deposits (FD). In addition, the scheme is available till March 31, 2025, which gives investors a good opportunity to invest their money in a safe and profitable way.

Let us know in detail about this new scheme and understand what new benefits it has brought for the account holders of Bank of Baroda.

Bank of Baroda Women Samman Savings Certificate Scheme: Overview

The main features of the Women’s Honor Savings Certificate Scheme are summarized in the following table:

What is Women’s Honor Savings Certificate Scheme?

Women’s Honor Savings Certificate (MSSC) is a new government initiative designed especially for women and girls. The scheme was introduced by Union Finance Minister Smt. Nirmala Sitharaman in the Union Budget 2023-24. Bank of Baroda has made the scheme available to its customers.

The main objective of this scheme is to encourage women to save and ensure their financial freedom. This offers a safe and attractive investment option that can help women increase their money.

Eligibility of scheme

Following are the eligibility criteria for investing in the Women’s Honor Savings Certificate Scheme:

• Any woman or girl can open an account in this scheme.
• In the case of minor girls, their parents can open an account on their behalf.
• The account holder should be an Indian citizen.
• A person can open more than one account, but there should be a difference of at least 3 months between the two accounts.

Investment limit and interest rate

Following are the investment limit and interest rates in the Women’s Honor Savings Certificate Scheme:

• Minimum deposit amount: ₹ 1,000
• Maximum deposit: ₹ 2,00,000
• The deposit should be in multiples of ₹ 100
• Interest Rate: 7.5% per year
• Interest is calculated on quarterly basis
• Interest is deposited in the account and paid on maturity

Duration and validity of the plan

Following is the duration and validity of the Women’s Honor Savings Certificate Scheme:

• Plan duration: 2 years
• Last date for account opening: March 31, 2025
• Maturity period: 2 years from date of account opening

It is worth noting that this scheme is available for a limited period. Therefore, those who want to take advantage of this scheme should invest as soon as possible.

Partial withdrawal and premature closure rules

The following are the rules for partial withdrawal and premature closure in the Women’s Honor Savings Certificate Scheme:

• 1 year after opening the account, the account holder can withdraw up to 40% of the deposits.
• Premature closure is allowed only in special cases, such as:
  • Death of account holder
  • Life-narrow disease of account holder
  • Death of guardian (in case of minor account holder)
• When the account is closed after 6 months without any particular reason, the interest rate will be deducted by 2%.

Benefits of Scheme

Following are the major benefits of Mahila Samman Savings Certificate Scheme:

1. Higher interest rate: 7.5% interest rate is higher than most bank FD.
2. Safe investment: It is a safe investment option due to a government scheme.
3. Flexible deposit amount: Permission for deposit ranging from ₹ 1,000 to ₹ 2,00,000.
4. Partial withdrawal: 1 year later withdrawal facility up to 40%.
5. Tax Benefits: Interest on investment in this scheme is taxable.
6. Women Empowerment: This scheme helps women to become financially independent.

Account opening process

Follow the following process to open an account in the Women’s Honor Savings Certificate Scheme:

1. Go to any branch of Bank of Baroda.
2. Fill the account opening form.
3. Submit the required KYC documents (Aadhaar card and PAN card).
4. Fill the KYC form for new account holders.
5. Deposit pay-in slip with deposits or checks.

Bank of Baroda benefits compared to other banks

Bank of Baroda Women’s Honor Savings Certificate provides some additional benefits compared to other banks:

• Both the current and new customers of the bank can avail this scheme.
• Easy access to the plan due to the broad branch network of the bank.
• Account management facility through the bank’s digital platform.
• The possibility of integration with other products and services of the bank.

Risk associated with plan

Although the Women’s Honor Savings Certificate Scheme is a safe investment option, some risks should be kept in mind:

1. Interest rate change: Interest rates may decline in future.
2. Penal on premature withdrawal: Interest rate cut on premature withdrawal without specific reason.
3. Limited period: The scheme is available only till 31 March, 2025.
4. Risk of inflation: Actual returns may be reduced during high inflation time.

Impact of scheme

Women’s honor savings certificate scheme can be seen in the following fields:

1. Women Empowerment: This scheme empowers women in making financial decisions.
2. Promotion of savings: High interest rate encourages people to save more.
3. Financial Inclusion: This scheme brings more women into a formal banking system.
4. Economic Development: Increased savings can contribute to the economic development of the country.

Disclaimer: This article is only for informative purposes. Although we have tried to provide accurate and updated information, the terms and conditions of the scheme may change from time to time. Please get the latest information by contacting the official website or nearest branch of Bank of Baroda before taking any investment decision. The scheme is real and has been proposed by the Bank of Baroda, but its suitability may vary by individual financial conditions.