The Mahila Samman Bachat Patra Yojana was announced by Finance Minister Nirmala Sitharaman in the budget for 2023-24. Under this scheme, any Indian woman or girl can open an account in post offices and receive a fixed interest of 7.5% per annum on an amount ranging from Rs 1,000 to a maximum of Rs 2 lakh.
A minimum of Rs 1,000 and a maximum of Rs 2 lakh can be deposited into the account. This scheme launched for 2 years, will offer an attractive and fixed compound interest rate of 7.5% on the invested amount. The duration of this scheme is limited to 2 years, and it will remain valid until 31 March 2025. The notification for the Mahila Samman Bachat Patra Yojana 2024 was issued in April 2024, and it is now available in 1.59 lakh post offices with immediate effect.
Throughout this article, we will provide detailed information for those who wish to benefit from the Mahila Samman Bachat Patra Yojana 2024. You will find all the necessary details below.
Benefits of the Mahila Samman Bachat Patra Yojana
- Women can invest their small savings and earn a higher interest rate.
- Any woman can invest up to ₹2,00,000 for 2 years, either in small instalments or as a lump sum.
- After 2 years, the principal amount along with the interest will be returned. The interest rate for this scheme is 7.5%, which is higher than other schemes.
- A minimum deposit of ₹1,000 is required to open an account.
- A guardian is required to open an account for a minor girl.
- After one year, up to 40% of the deposit amount can be withdrawn.
- You can close the account in case of emergency, but interest will be 7.5% if it’s after one year. If the account is closed before one year without a valid reason, the interest rate will be 5.5%.
Eligibility Criteria for the Mahila Samman Bachat Patra Yojana
- Any woman or girl can apply.
- The applicant must be an Indian citizen.
- The family income should not exceed ₹7 lakh.
- Women of all religions, castes, and classes can apply.
- A guardian is required for a minor girl to open the account.
Required Documents
- The Aadhar card of the woman
- Identity card
- Ration card
- Mobile number
- Caste certificate
- Residence certificate
- PAN card
- Passport-size photograph
How to Apply for Mahila Samman Bachat Patra Yojana
- The scheme is available in 1.59 lakh post offices across the country, and the notification was issued in April 2024.
- To apply, visit your nearest post office, get the form, and fill it out with the necessary documents.
- You can deposit money via cheque or cash. After depositing, you will receive a receipt for your investment.
- Additionally, you can apply at the following banks:
- Bank of Baroda
- Canara Bank
- Bank of India
- Punjab National Bank
