Mahila Samman Bachat Patra Scheme is an initiative for Indian women, enabling them to save funds and earn a 7.5% interest rate over two years. The plan is available for purchase at any post office in the nation.
This simple savings plan seeks to enhance women’s financial independence. Funds can also be partially accessed prior to the term. These short-term strategies also aid the Indian government by generating funds for multiple development projects.
What does Mahila Samman Bachat Patra mean?
On February 1, 2023, the Indian government launched the Mahila Samman Bachat Patra Yojana, a one-time savings initiative aimed at ensuring women’s financial stability. The program duration will be two years, accessible until March 2025.
A woman can establish a savings account in a state-owned bank by providing a minimal monthly deposit. In the Budget 2023, Nirmala Sitharaman, the present union finance minister, introduced this initiative for women and girls. The program enables Indian women to safeguard their funds in a reliable and secure way, while also obtaining a fair interest rate.
Mahila Samman Bachat Patra Scheme Overview Table in english
| Feature | Details |
| Scheme Name | Mahila Samman Bachat Patra Scheme (Mahila Samman Savings Certificate) |
| Launch Date | 1 February 2023 |
| Last Date to Invest | 31 March 2025 (Scheme discontinued after this date) |
| Eligibility | Women above 18 years or guardian of a minor girl child |
| Where to Invest | Post offices and selected scheduled banks |
| Minimum Deposit Amount | ₹1,000 (in multiples of ₹100) |
| Maximum Deposit Amount | ₹2,00,000 per account or cumulative across accounts |
| Interest Rate | Fixed 7.5% per annum, interest credited quarterly |
| Tenure/Lock-in Period | 2 years |
| Premature Withdrawal | Allowed up to 40% of the balance after 1 year |
| Tax Benefits | No TDS deducted on interest as interest earned is below threshold; no specific 80C benefit |
| Application Process | Offline application at post office or authorized bank branches |
| Objective | To promote women’s financial independence by encouraging safe savings with attractive returns |
| Risk | Government-backed, no credit risk |
| Interest Payment | Interest paid quarterly and at maturity |
| Additional Notes | Scheme offers higher interest than many fixed deposits; partial withdrawal facility available |
Mahila Samman Bachat Patra Scheme Benefits
- Women can get a big interest by investing their small savings
- For 2 years, any woman can invest up to ₹ 200000 / – whether in small installments or ₹ 200000 can be deposited at once.
- On completion of 2 years, the interest amount will be received along with the principal, in this the interest amount has been kept higher than other schemes i.e. 7.5%.
- It is mandatory to have at least Rs 1000 / – to open an account under the scheme.
- A guardian will be required to open an account for a minor girl.
- After one year, a maximum of 40 percent of the deposit amount can be withdrawn.
Can I withdraw money in between if needed?
Yes, after 1 year from the date of opening the account, you can withdraw up to 40 percent of your initial deposit amount.
In some unavoidable circumstances, closing the account midway is also allowed. Even in such a situation, interest will be available at the rate of 7.5%.
The account can be closed even after 6 months of opening the account. But if this is done without reason, interest will be available at the rate of only 5.5% instead of 7.5%.
Eligibility Criteria for Mahila Samman Savings Certificate Scheme
- To apply for Mahila Samman Savings Certificate Scheme 2024, the applicant has to fulfill its following conditions:-
- All women / girls of the country can apply in this scheme.
- To apply, the woman must be an Indian citizen.
- The maximum income of the woman’s family should be 7 lakhs.
- Although the age of the woman has not been fixed to avail the benefits of this scheme, but a guardian will be required to open the account of a minor girl.
- Women of any religion, caste and class can apply in Mahila Samman Savings Certificate Scheme.
How To Apply Mahila Samman Bachat Patra Scheme
- To avail the benefits of the scheme and to get any information related to opening your account, you will have to go to your nearest post office.
- From here you will get the form of Mahila Samman Savings Certificate Scheme. Fill the form and submit it there along with all the documents.
- After this, you can deposit whatever amount you want, for this you can deposit money by cheque or cash or whatever you want.
- After you deposit the money, you will be given a receipt, which will be of your investment.
FAQ
1. What is Mahila Samman Savings Certificate Scheme?
It is a type of small savings scheme launched by the Government of India. In this, attractive and fixed interest of 7.5% will be provided on a maximum of Rs 2 lakh through investment of small savings of women.
2. When did Mahila Samman Savings Certificate Scheme start?
It started in February 2023 and it is valid for 2 years.
3. Can girls below 18 years of age apply?
Yes, accounts of minor girls (by their guardian) and women can be opened, there is no age limit.
4. How to apply for Mahila Samman Savings Certificate Scheme?
To apply in this scheme, you have to go to your nearest post office and fill the form.
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