Chief Minister Mamata Banerjee Thursday said a state-sponsored small savings scheme will be operational from October 5.
Announcing the broad contours of the safe savings scheme at the secretariat,Mamata said that the government had kept its promise of launching a financial security scheme to protect the interest of small investors.
Under the scheme,an individual can deposit an amount ranging from Rs 1,000 to Rs 1,00,000 and the amount can go up to Rs 5 lakh in case of a family. The maturity tenure will be between one year and five years,but in case of need one can withdraw anytime after three months, Banerjee said.
It will be managed by a state-owned financial corporation and backed by sovereign guarantee,finance minister Amit Mitra said.