Scores of women save part of Urimai Thogai

OF the nearly 10 lakh beneficiaries receiving a monthly honorarium of 1,000 through cooperative banks under the Kalaignar Magalir Urimai Thogai (KMUT) scheme, about 60% of them have not been withdrawing the full amount within the same month, indicating a healthy trend among these women to save part of the money for future use, official sources from the cooperative department said.

- B ANBUSELVAN

According to officials, about 50,000 of these KMUT beneficiaries have opened recurring deposit (RD) accounts with their respective cooperative banks, with monthly savings ranging from ₹300 to 500.

RDS offer higher interest rate than regular savings accounts. Cooperative banks are also offering 8% interest on RD accounts for KMUT beneficiaries, compared to the usual 7% offered to other RD account holders.