Bengal introduces state small saving scheme from Oct 5

West Bengal Chief Minister Mamata Banerjee today announed introduction of a state-sponsored small savings scheme to be operational from October 5.
Announcing the broad contours of the "safe savings scheme" at the state secretariat, the chief minister said that the state government had kept its promise of launching a financial security scheme to protect the interest of small investors made after the Saradha chit fund scandal broke.
The salient features of the scheme are, the Chief Minister said, an individual can deposit an amount ranging from Rs 1000 to Rs 1,00,000 and the amount can go up to Rs 5 lakh in case of a family.

"The maturity tenure under the scheme will be between one year and five years, but in case of need one can withdraw anytime after three months," Banerjee said.
The scheme will be managed by a state-owned financial corporation and backed by sovereign guarantee, state finance minister Amit Mitra said.
Asked about the coupon rate on the deposit, Banerjee said the full details can be known later but the return will not be less than bank deposit rates.
The collection and repayment under the scheme will be through SBI, United Bank, Allahabad Bank and Uco Bank. More banks may join later as state government had kept the door open for more banks to join.

About the pension bill which was passed in Parliament yesterday, Mamata said that from now on pension funds would go to private hands, which her party Trinamool Congress opposed.