Union Finance Minister Nirmala Sitharaman announced the beginning of Mahila Samman Bachat Patra Yojana to deliver a significant gift to women on 1 February 2023, while presenting the Union Budget 2023-24 in the Parliament. The ladies of the nation will have the opportunity to save under this scheme. By making large investments in the Mahila Samman Savings Letter in the names of women or girls, favourable interest rates may be attained. If you are considering investing your money as well, you need to learn more about the Mahila Samman Savings Letter.By reading this article you will also be given additional important details about this scheme. So let’s learn how to take use of this scheme.
Mahila Samman Bachat Patra Yojana 2023
On 1 February 2023, Union Finance Minister Nirmala Sitharaman announced the commencement of the Mahila Samman Bachat Patra Yojana while presenting the 2023–24 budget to the Parliament in order to deliver additional advantages on savings to the women and girls of the nation. Up to Rs 2 lakh can be deposited in the Mahila Samman Savings Letter. Following that, the government will pay you interest on your deposit at a rate of 7.5%. The money you put in this scheme will stay deposited for two years, after which time you will receive a refund of all of your money plus interest.
This government of India scheme will be in effect till March 2025. Girls and women of any age can create a Mahila Samman Savings Letter account to take advantage of this scheme. The plan will turn out to be quite helpful in saving women. This yojana is being launched in particular for women and girls. In this savings letter, women will also have the option of a partial withdrawal. Let us inform you that the government has received a lot of praise after the launch of the Mahila Samman Bachat Patra.
Overview Mahila Samman Bachat Patra Yojana 2023
| Article Title | Mahila Samman Bachat Patra Yojana 2023 |
| Scheme Name | Mahila Samman Bachat Patra Yojana |
| Launched By | Government of India |
| Category | Scheme updates |
| Year | 2023 |
| Launched for | Women in country |
Objective for Mahila Samman Bachat Patra Yojana 2023
The main goal of giving interest to the women of the nation in the new savings scheme at a set rate of 7.5%. so that ladies may invest in this savings letter and save money for the future. Money may be placed under this programme in the name of any woman or girl for a period of two years. Additionally, if necessary, some cash may be withdrawn in the meantime. You will receive the whole amount of your deposit back along with interest after the maturity time has passed.
Benefits for Mahila Samman Bachat Patra Yojana 2023
The Benefits for this yojana is given below:
- To help the nation’s women and girls save money, it has been announced that the Mahila Samman Savings Letter will begin on 1 February 2023.
- Mahila Samman savings letter may be used to open this account for at least Rs 1000.
- Savings certificates can only be purchased for a maximum of two years.
- The government will pay you interest at a rate of 7.5% on the amount you deposit.
- More interest will be paid on Mahila Samman savings letters than on other government-sponsored retirement accounts like PPF and NSC.
- After two years, your money will be held in a savings account where it will accrue interest before being returned to you.
- By the end of March 2025, any woman or girl in the nation may open this account.
- By creating this account before 30 March 2025, any woman or girl can benefit from a greater interest rate.
- Girls and women of any age can create a Mahila Samman Savings Letter account to take advantage of this yojana.
- You can take money out of the Mahila Samman Savings Account at any time after placing it there, if necessary.
- In this system, there will be no time limit on when you can withdraw money.
- This scheme will support the empowerment of women.
Eligibility Criteria
The Eligibility Criteria for for this yojana given below:
- The applicant must be an Indian national
- Under this scheme, only women and girls will be permitted to create accounts
- Mahila Samman savings accounts can be opened by women or girls of any age
- All classes, religions, and castes of women and girls are eligible to receive the savings letter
Required Documents
The documents needed for this yojana is given below:
- The applicant Passport Size photograph
- Aadhar Card
- Residential Certificate
- Voter ID Card
- Caste Certificate
- Ration Card
- Bank statement
- Domicile Certificate
- Mobile number
Applying Procedure for Mahila Samman Bachat Patra Yojana 2023
As we have said, the Finance Minister announced the start of Mahila Samman Bachat Patra for women and girls on February 1, 2023, when presenting the budget. Tell you that for the time being, you will need to wait for the adoption of this scheme if you want to establish an account under it and benefit from it. As soon as the Central Government makes any information pertaining to the application for this scheme available.