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Monthly Saving Scheme (MSS) (Progati)

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The Monthly Saving Scheme (MSS) is an attractive scheme for the persons who wish to save a fixed sum of money every month with an intention to get a handsome amount on the maturity of the deposit. MSS is mainly designed to encourage and help the depositors having regular monthly income to accumulate their savings.

Features & Benefits:

  • A person having a sound mind can open the scheme singly or jointly or in the name of institution.
  • The account holder can avail credit facility up to maximum 90{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} of the deposit amount against lien on the balance amount of the respective account at 2.00{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} higher than the deposit scheme rate after completion of one year.
  • Premature encashment may be allowed only after expiry of minimum 3 (three) months. In such cases, interest will be calculated at least 2.00{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} less than the prescribed rate, which will be applicable for the period completed.
  • The interest is payable subject to deduction of excise duty, withholding tax etc. as imposed by the government from time to time.
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