Mahila Samman Bachat Patra is a programme for Indian women, which allows them to save money and receive an interest rate of 7.5% for two years. The scheme can be purchased from any post offices located in the country. This modest savings scheme aims to empower women financially. The money can also be partially withdrawn before the tenure. These small-term plans are also beneficial for the Indian government as it helps generate funds for various developmental projects.
What is Mahila Samman Bachat Patra?
The Indian government introduced the Mahila Samman Bachat Patra Yojana on 1st Feb 2023, it is a one-time small savings scheme to make women financially stable. The scheme tenure will be of two years, available until March 2025. A woman can open a savings account in a government-owned bank by making a minimum monthly deposit.
During the Budget 2023, Nirmala Sitharaman, the current union finance minister, proposed this scheme for women and girls. The scheme allows Indian women to save their money in a secure and trustworthy manner, while also earning a decent interest rate.
The Benefits of Mahila Samman Savings Certificate (MSSC) 2023
This is a user-friendly scheme that offers a range of benefits, including attractive interest rates, hassle-free processing and many tax benefits. Some advantages of this scheme are listed below:
- This is a small savings scheme exclusively designed for women and girls so that they can make financial decisions independently.
- The scheme offers a 7.5% rate of interest, which is higher than any other regular savings.
- In case of medical emergencies or education expenses, the scheme provides easy access to funds.
- Savings can be withdrawn without any penalty. Partial withdrawals are also allowed.
- The minimum deposit amount is rupees two thousand, the maximum money deposit limit is up to two lakhs, and the deposit period is of two years.
- It involves a risk-free and easy documentation process.
- The deposited amount is eligible for tax benefits under Section 80C of the Income Tax Act.
Features of Mahila Samman Savings Patra
This particular savings scheme focuses on women empowerment, it provides a safe and reliable investment opportunity. Let us look at some salient features of the scheme:
- Risk-free investment – This fixed-income savings scheme is backed by the government and does not carry any market risk. Investors will receive guaranteed returns on their savings.
- Eligibility – Only a girl or a woman can purchase the Mahila Samman savings certificate.
- Investment tenure – This is a one-time investment scheme, with a two-year investment term.
- Competitive rate of interest – The scheme offers a fixed interest rate of 7.5% per annum, this percentage is much higher than the majority of fixed-income savings schemes.
- Investment limit – Under this scheme, a maximum of Rs. 2 lakhs can be invested and there is no minimum specified limit.
- Tax savings – This scheme also offers tax saving benefits under Section 80C.
- Premature withdrawals – If you need your money before two years, you can opt for a partial withdrawal facility.
- Easy procedure – You can conveniently apply for the Mahila Samman savings certificate by visiting your nearest post office or an authorised bank.
Documents required for Mahila Samman Bachat Patra
The following documents will be required for opening an account for MSSC:
- Aadhaar card
- Identity proof
- Address proof
- Ration card
- 2 passport size photographs
- Proof of income
- Active mobile number
- Post office or bank account book
How to Invest in Mahila Samman Bachat Patra Yojana 2023?
Applying for Mahila Samman Bachat Patra scheme is simple and can be completed by following these steps:
- Visit your nearest post office or an authorised bank.
- Request an application form and fill in all the details.
- You may also download the application here – https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/AccountopeningCertificate.pdf
- Submit the application form with the necessary documents, such as ID proof, address proof, etc.
- Make the deposit in cash or by cheque, for your chosen amount.
- Finally, receive the certificate as your proof of investment.
Eligibility Criteria for Mahila Samman Bachat Patra Yojna:
The following are the basic eligibility requirements for Mahila Samman Bachat Patra:
- The applicant must be a female and an Indian citizen.
- The minimum age must be above 18 years and there is no maximum age limit to invest in this scheme.
- In the case of minors, the guardian can open the account on behalf of the girl.
- There is no bar on any religion, caste, or creed.
Mahila Samman Saving Certificate 2023- List of Eligible Banks
Following are some government and private banks that are qualified under the Mahila Samman Bachat Patra scheme:
|Government Banks||Private Banks|
|State Bank of India||Axis Bank Limited|
|Central Bank of India||Bandhan Bank Limited|
|Indian Bank||Federal Bank Limited|
|Bank of Maharashtra||HDFC Bank Limited|
|Bank of Baroda||ICICI Bank Limited|
|Bank of India||CSB Bank Limited|
|Canara Bank||DhanaLakshmi Bank Limited|
|Indian Overseas Bank||IndusInd Bank Ltd|
|Punjab & Sind Bank||IDFC First Bank Ltd|
|Punjab National Bank||City Union Bank Limited|
|UCO Bank||DCB Bank Limited|
|Union Bank of India||Karnataka Bank Ltd|
Mahila Samman Bachat Patra Rate of Interest
Under this scheme, beneficiaries can deposit up to 2 lakhs and the deposit period is limited to a maximum of 2 years. The scheme offers a woman an interest rate of 7.5 %. The interest rate provided by Mahila Samman Bachat Patra Yojana scheme is more than any other government small savings schemes. Unlike other savings schemes, the interest rate in this scheme will remain the same.
Mahila Samman Bachat Patra Withdrawal Policy
The account holder can avail of the partial withdrawal facility of the Mahila Samman Saving Certificate scheme. One can withdraw up to 40% of the account balance after the expiry of one year from the date of account opening. You will need to fill up Form-3 and in case of an account opened on behalf of a minor girl, the guardian may apply for the withdrawal. While calculating the withdrawal from the account, any amount in fraction of a rupee will be rounded off to the closest rupee, any amount of fifty paisa or more will be considered one rupee and anything less than fifty paisa shall be ignored.Conclusion
Mahila Samman Bachat Patra is one of the best schemes for women in India; one can earn valuable returns on their investments and utilise the money for a good purpose. The quick access to funds for unforeseen expenses makes the scheme extremely beneficial.