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September 10, 2014

Bengal Safe Savings Scheme wins the trust of the poor

Bengal Safe Savings Scheme wins the trust of the poor

The Safe Savings Scheme started by the WestBengal government is gaining popularity, slowly but steadily. The first 9months have seen a deposit of over Rs 3 crore in this scheme. More than threethousand people have already invested their savings in this scheme.

Ninety per cent of the depositors have chosen to deposit around Rs 1000, for which they willget a return of Rs 1,580 after five years availing an interest of around11.59%. United Bank of India has partnered with the State government forimplementing this scheme, which was launched on November 6, 2013 by West BengalChief Minister Ms Mamata Banerjee.

Incidentally, the scheme was a brainchildof the West Bengal Chief Minister who took steps to gain necessary permissionsfrom Central financial authorities at the quickest possible time andcollaborate with nationalized banks.

Amounton interest being offered by the state Safe Saving Scheme:

For 1 year: 9.31%

For 2 years: 9.74%

For 3 years: 10.20%

For 4 years: 10.69%

For 5 years: 11.59%