Chennai , Tamil Nadu :

Bharatiya Mahila Bank (BMB), owned by the Government of India, has introduced BMB Nanhi Kali — a deposit scheme exclusively for the girl child. The scheme aims at building a sizeable resource to meet their future financial needs.

Girl children, between the age of a day and 13 years can apply for the scheme. While the minimum monthly investment is `50 or higher (in multiples of 50), the installment can be deposited on any day of the month.

The scheme ensures protection against fall in rate of interest and loan facility of 85 per cent of accrued value. The term of deposit is three years to 10 years with an assured maturity and personal accident insurance.

BMB claims that it is the first in the banking Industry in India to come up with the scheme that is aimed at economic empowerment of women.

With the scheme, the bank would continue coming up with unique women-centric products to empower them.

source: http://www.newindianexpress.com / The New Indian Express / Home> Cities> Chennai / Express News Service / May 27th, 2014