Mahila Samman Bachat Patra Yojana 2024: Benefits, Features, Eligibility, Application Process and New Update

Mahila Samman Bachat Patra Yojana: The Government of India has launched a new programme specifically for women in honour of Azadi Ka Amrit Mahotsav. Women are recognised through the Mahila Samman Savings Certificate Scheme, one of the banking options run by the Indian government’s postal department. The only people whose names are on this savings certificate are females. Two years will pass before the savings certificate and plan expire, according to Devi Lal Mehra, Superintendent of the Sri Ganganagar Postal Division. This savings certificate will yield interest at a rate of 7.5% annually, with interest ranging from a mere one thousand to two lakh rupees.

The Government of India has launched a new programme specifically for women in honour of Azadi Ka Amrit Mahotsav. Women are recognised through the Mahila Samman Savings Certificate Scheme, one of the banking options run by the Indian government’s postal department. The only people whose names are on this savings certificate are females. Two years will pass before the savings certificate and plan expire, according to Devi Lal Mehra, Superintendent of the Sri Ganganagar Postal Division. This savings certificate will yield interest at a rate of 7.5% annually, with interest ranging from a mere one thousand to two lakh rupees.

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Information of Mahila Samman Bachat Patra Yojana

Name of Scheme	Mahila Samman Bachat Patra Yojana
Was Started	By the Indian Government
Launch of the scheme	2023
Beneficiaries	all indian women
Objective	Encouraging women to invest
rate of interest	5 lakh rupees
Relevant departments	Finance Ministry
all Indian women	https://www.indiapost.gov.in/

The Mahila Samman Bachat Patra Yojana was introduced by Finance Minister Nirmala Sitharaman during the 2023–24 budgetary session. By opening an account at a post office, any Indian woman or girl can participate in this initiative and receive fixed interest ranging from Rs 1000 to Rs 2 lakh annually. You can deposit anything from Rs 1000 to Rs 2 lakh into this account. The government is also offering an attractive fixed interest rate of 7.5% compound interest rate with an investment ceiling of Rs 1000 to Rs 2 lakh under this two-year initiative.

Purpose of Mahila Samman Bachat Patra 2024

The Mahila Samman Savings Certificate Scheme was introduced by the Indian government primarily to encourage women to invest. in order to provide good interest rates to women who would want to retain their money in the bank and encourage them to invest. Women will be able to achieve financial independence and small savings will be encouraged by this programme. This programme will assist women in gaining more financial independence. Financial inclusion will also be encouraged among women and in rural regions in addition to this. In addition, encouraging women to invest is the primary goal of the Mahila Samman Savings Certificate Scheme, which aims to safeguard their future.

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Benefits and Features of Mahila Samman Bachat Patra Yojana 2024

• Investing in the Mahila Samman Savings Certificate Scheme allows women across the nation to take a step towards financial independence.
• Women can invest their meagre savings under this scheme and earn substantial income.
• The Mahila Samman Savings Certificate Scheme allows any woman to make two-year investments up to Rs 2 lakh.
• Women have the option to deposit up to Rs 2 lakh all at once or in smaller amounts if they so choose.
• Along with the principal amount, the interest amount will also be received after the two years are out.
• This scheme has a higher interest rate—7.5%—than other schemes.
• Under the Mahila Samman Bachat Patra Yojana, women must have at least Rs. 1,000 in order to register an account.
• Quarterly crediting and compounding of interest will be done under the Mahila Samman Bachat Patra Yojana.
• A maximum of 40% of the deposit amount may be withdrawn after a year.
• Under this arrangement, opening an account for a juvenile girl will require a guardian.

Eligibility for Mahila Samman Bachat Patra Yojana 2024

In order to get the advantages of the Mahila Samman Savings Certificate Scheme, candidates must meet the requirements set forth by the government. Women who apply under the Mahila Samman Savings Certificate Scheme can still receive the benefits even after meeting the eligibility requirements.

• The woman has to be a citizen of India in order to apply.
• Under this programme, applications from all women and girls will be accepted.
• The applicant woman’s family’s annual income should not be more than Rs 7 lakh.
• This initiative is open to women of all castes, religions, and social classes.
• The system does not specify the age at which a woman must receive benefits, although opening a minor girl’s account will need parental approval.

Documents required for Mahila Samman Bachat Patra Yojana

You will require the following paperwork in order to create a bank account under the Mahila Samman Savings Certificate Programme.

• The Aadhar card of the woman
• Identity card
• Ration card
• PAN card
• Income certificate
• Caste certificate
• Residence certificate
• Mobile number
• Passport size photo

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How to apply under Mahila Samman Bachat Patra Yojana 2024?

About the Mahila Samman Bachat Patra Yojana, the government released a notification in April. As of right now, 1.59 lakh post offices have access to this programme. In addition, a lot of banks have made this programme available, and you can register an account with them. The Mahila Samman Bachat Patra Yojana offers rewards for opening an account. To take advantage of these benefits, simply follow the instructions provided below to open an account and start investing.

• You must first visit the relevant bank or the post office that is closest to you.
• Information about the Mahila Samman Savings Certificate Scheme must be obtained there.
• Following that, you must obtain the form from them in order to open an account for this plan.
• You now have to carefully fill out the form with all the requested information.
• Once the form has been completed, you must attach the necessary files.
• You must then return this form to the location where you obtained it.
• Additionally, you have the option to deposit any amount of money using a cheque, cash, or other method.
• A receipt for your investment will be provided to you upon deposit. This will assist you in verifying the deposited amount.
• By creating an account under the Mahila Samman Savings Certificate Scheme, you can invest in this manner.

Conclusion

Friends, we have provided you with all the information you need to know about the Mahila Samman Bachat Patra Yojana in this article. Women who open accounts under this programme will receive a 7.5 per cent interest rate on the money they deposit into them. With this plan, opening an account is fairly simple; we’ve explained the process in the article above. The Mahila Samman Bachat Patra Yojana is open from April 2023 to March 2025, a period of two years. Women and girls will have a two-year account set up in their names as part of this plan. A maximum deposit of Rs 2 lakh will be available, with a fixed interest rate of 7.5 per cent per year that is compounded quarterly.

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FAQs

Q. How may one apply for the Bachat Patra Yojana Mahila Samman?
Ans: You can apply for the Mahila Samman Bachat Patra Yojana by going to the post office or bank that is closest to you.

Q. What is the required amount of money to be placed into the MSBPY?
Ans: A minimum contribution of Rs 1,000 and a maximum deposit of Rs 2 lakh are required for the MSBPY.

Q. What level of interest would the MSBPY have for women?
The MSBPY would provide women with a 7.5 per cent yearly interest rate.

@MAN