Mahila Samman Bachat Patra Yojana 2023 [Apply Now]

Nirmala Sitharaman, the Union Finance Minister, announced the start of the Mahila Samman Bachat Patra to promote economic empowerment of women. This scheme provide a significant gift to women when presenting the Union Budget 2023–24 in Parliament on February 1, 2023.

By investing lakhs of rupees in the name of women or girls, you can earn substantial interest under the Mahila Samman Savings Letter. If you are thinking of investing, you should have knowledge about Mahila Samman Savings Letter Scheme. So, read this article till the end.

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Mahila Samman Bachat Patra Yojana

The Central Government launched the Mahila Samman Bachat Patra Yojana to help women become financially independent. Women may invest up to Rs 2 lakh annually through this program. Mahila Samman Savings Letter investments are available for a two-year period. which women every year 7. The applicants will get 5% of interest. Beginning on April 3, 2023, any women and girl can open this account at the post office. The Mahila Samman Bachat Patra Yojana is only valid through March 31, 2025.

Devendra Sharma, Assistant Director, Ministry of Communications, issued the letter and stated that women will get a fantastic opportunity to invest through this scheme. According to the announcement, the interest will be compounded every three months, and the funds will be credited to the beneficiary’s account. After a year, you can withdraw a maximum of 40% of the deposit amount. The account lasts till to the maturity. If an early account closure, you will not get interest on the principal sum.

Overview of Mahila Samman Saving Scheme

Name of the Scheme	Mahila Samman Bachat Patra Yojana
Initiated By	Finance Minister Sitharaman
Category	Central Government Scheme
Beneficiaries	Women & Girl
Objectives	Providing interest at a fixed rate of 7.5 per cent to women and girls
Application Process	Not Available Yet
Official Website	Launched Soon

Objective of Mahila Samman Bachat Patra

The Government of India introduced the Mahila Samman Bachat Patra with the main goal of giving interest to the women of the nation in the new savings scheme at a fixed rate of 7.5%. So that, any woman or girl can invest in this savings letter and save money for a period of two years. Additionally, if necessary, some cash may be withdrawn in the interim. You will receive the entire amount of your deposit back along with interest after the maturity time has passed.

Eligibility Criteria for Applying the Scheme

The applicant must be an Indian national to open a Mahila Samman Savings Letter account.
Under this scheme, only women and girls of any age can open accounts.
All classes, religions, and castes of women and girls are eligible to receive the savings letter.

How to Apply for Mahila Samman Bachat Patra Yojana?

As previously stated, the Finance Minister announced the launch of Mahila Samman Bachat Patra for women and girls on February 1, 2023, when presenting the budget. If you want to open an account under this plan and receive the benefits of this scheme, you will have to wait for the scheme’s implementation for the time being.

As soon as the Central Government makes any information available for the application relating to this scheme. As a result, we will inform you via this article so that you can apply for this scheme and reap the rewards.

महिला सम्मान बचत पत्र, देश की महिलाओं का आर्थिक रूप से सशक्त व सक्षम बना रहा है। #MahilaSammanSavingsCertificate #MSSC @AshwiniVaishnaw @devusinh @FinMinIndia @MinistryWCD @MIB_India @AmritMahotsav @mygovindia @PIB_India @pib_comm @DDNewslive @airnewsalerts @PIBHindi pic.twitter.com/mpKIxpn0De
— India Post (@IndiaPostOffice) April 3, 2023

Required Documents to Apply

Aadhar Card
identity Card
Basic address proof
Caste Certificate
Ration Card
Mobile Number
Passport size photo

Benefits & Features of Mahila Samman Saving Letter Scheme

To help women and girls in the nation by encouraging them to save money, the Mahila Samman Savings Letter will launch on February 1st, 2023.
One can open account by depositing a minimum of Rs 1000 in the Mahila Samman savings letter.
The purchase of savings certificates is only permitted for up to two years.
In exchange for your deposit, the government will pay you interest at a rate of 7.5%.
Over other government-sponsored savings plans like PPF and NSC, Mahila Samman savings letters will receive higher interest rates.
After two years, your funds will be held in a savings account where they will earn interest until you withdraw the principal and interest-bearing funds.
By March 31, 2025, any woman or girl in the nation may open this account and can take the advantage of higher interest rate.
You can withdraw funds from the Mahila Samman Savings Account at any time after making a deposit, if necessary.
Your ability to withdraw money from this savings will not be time-limited.
Through this scheme, female empowerment will be encouraged.

Facts of Mahila Samman Bachat Patra Yojana

For the Mahila Samman Bachat Patra Yojana, the minimum deposit amount is not specified. However, experts say that this account can be started with at least 1000 rupees. Under this program, women and girls may deposit up to Rs 2 lakh in total. The government has restricted the amount of time that women may purchase savings certificates to a maximum of two years.
Any woman or girl in the nation may open an account under this scheme until March 31, 2025. you may profit from a higher interest rate. You will receive the entire amount of your deposit, plus interest, back at the conclusion of the Mahila Samman Savings Patra’s maturity period. You will also receive a discount if you need to take money out of this account.
The new interest rates for all of the Government of India’s modest savings programs are announced prior to the quarter. But such change in the Mahila Samman Savings Letter won’t influence the interest rate. You will receive a 7.5% interest rate on this savings certificate for the whole two-year term. This indicates that you will receive a return on your investment. Which will allow you to save money more effectively.
You will receive a substantial return on your investment in the Mahila Samman Savings Letter after just two years. Under the government’s Sukanya Samriddhi Yojana, the account lasts for 21 years. But you can take full amount at the age of 18 when the girl gets married. Similar to that, it takes 15 years for money to be put in a PPF account. But in this design, it is not the case.

Frequently Asked Questions

1) What is the Mahila Samman Savings Letter Scheme?

Mahila Samman Saving is an investment scheme in which the government will pay 7.5% interest on investment.

2) How much interest will be paid on the Mahila Samman Savings Certificate?

The government will earn 7.5% on the Mahila Samman Savings Letter.

3) How to Purchase a Mahila Samman Savings Certificate?

To purchase a Mahila Samman savings letter, go to your nearest bank or post office and obtain an application form. Then submit this form with all of your relevant information.

4) How much can be invested in the Mahila Samman Bachat Patra Yojana?

Under the Mahila Sangh, the people can invest up to 2 lakh in one year.