Mahila Samman Bachat Patra Yojana 2024:- Finance Minister Nirmala Sitharaman has launched a new savings scheme designed specifically for women and girls. Under the Mahila Samman Bachat Patra Yojana, women can invest up to ₹2 lakhs in a bank account and earn an annual interest rate of 7.5% until 2025. This scheme offers a return on investments starting from a minimum deposit of ₹1,000. The benefits can be availed after two years of account opening.
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What is Mahila Samman Bachat Patra Yojana?
Introduced in the 2023 budget by Finance Minister Nirmala Sitharaman, the Mahila Samman Bachat Patra Yojana allows women of any age and income group to invest up to ₹2 lakhs. The scheme offers a tax deduction and an interest rate of 7.5% per annum. The scheme is valid for 2 years, with interest compounded monthly and paid out along with the principal upon maturity.
Objectives of Mahila Samman Bachat Patra Yojana
The primary goal of this scheme is to empower women financially. It encourages women to save and promotes financial inclusion. By participating in this scheme, women can become self-reliant and contribute to reducing violence and discrimination against women.
Mahila Samman Bachat Patra Yojana 2024 Key Points
| Key Points | Details |
|---|---|
| Name of the Scheme | Mahila Samman Bachat Patra Yojana 2024 |
| Purpose of the Scheme | To promote investment habits among women, including girls, while enhancing financial inclusion and empowerment. |
| Start of the Scheme | 1st February 2023 |
| End of the Scheme | 31st March 2025 |
| Sector of the Scheme | Indian Government |
| Income Support | 7.5% interest payment on investment up to ₹2 lakh. |
| Ministry of the Scheme | Ministry of Finance |
| Current Status | Active |
| Beneficiary of the Scheme | All women residing in India who are Indian citizens. |
| Rate of Interest | 7.5% interest on investment. |
| Duration of the Scheme | 2 years (The scheme will be valid for 2 years from the date of notification). |
| Apply Process | Offline |
| Official Website | https://www.indiapost.gov.in/ |
| Download App | To be released soon. |
| Helpline No. | To be released soon. |
When did the Mahila Samman Bachat Patra Yojana start
Mahila Samman Bachat Patra Yojana was launched on 1 April 2023. The aim of this scheme is to provide financial security and economic independence to women. Under this, women have been given the opportunity of a safe and beneficial savings scheme, in which they can increase their savings safely and regularly. This scheme is specially designed to motivate women so that they can easily achieve their financial goals and become financially empowered.
Benefits and Features of Mahila Samman Bachat Patra Yojana
- Financial Independence: Women can invest between ₹1,000 and ₹2 lakhs.
- High Interest Rate: Earn a 7.5% annual interest on the deposited amount.
- Flexible Investment: Choose to invest in small installments or a lump sum.
- Interest Payout: Interest is added monthly and paid out with the principal after 2 years.
- Low Minimum Deposit: Accounts can be opened with as little as ₹1,000.
How Much Will You Earn from Mahila Samman Bachat Patra Yojana?
In the Mahila Samman Bachat Patra Yojana 2024, the invested amount earns an annual interest of 7.5%, which is compounded quarterly. Under this scheme, you can invest a minimum of ₹1,000 and a maximum of ₹2,00,000. After the 2-year maturity period, you will receive the invested amount along with the interest earned.
For example, if you invest ₹2,00,000:
- At the end of the first year, the interest on your amount will be ₹15,000.
- In the second year, the interest will be compounded with the first year’s interest, and you will earn a total interest of approximately ₹32,250.
- After 2 years, you will receive a total of ₹2,32,250, which includes your original investment of ₹2,00,000 and the interest of ₹32,250.
| Deposit Amount | Amount after 2 Years |
|---|---|
| ₹1,000 | ₹1,160 |
| ₹2,000 | ₹2,320 |
| ₹3,000 | ₹3,481 |
| ₹5,000 | ₹5,801 |
| ₹10,000 | ₹11,606 |
| ₹20,000 | ₹23,204 |
| ₹50,000 | ₹58,011 |
| ₹1,00,000 | ₹1,16,022 |
| ₹2,00,000 | ₹2,32,044 |
Eligibility Criteria for Mahila Samman Bachat Patra Yojana
- Age: Must be 18 years or older.
- Residency: Must be an Indian citizen.
- Income: Family income should be below ₹7 lakhs.
- Account Requirement: Must have a bank account.
Documents Required for Mahila Samman Bachat Patra Yojana
- Aadhaar Card
- Identity Proof
- Mobile Number
- Ration Card
- PAN Card
How to Apply for Mahila Samman Bachat Patra Yojana?
- Visit Your Nearest Post Office: Obtain the application form for Mahila Samman Bachat Patra Yojana.
- Fill Out the Application Form: Complete the form with necessary details and attach required documents.
- Deposit Amount: Choose your deposit amount and submit it via check, cash, or other methods.
- Receive Receipt: You will receive a receipt as proof of your investment.
For more information, visit your nearest post office or check the official website of the scheme.
Useful Links:
Feel free to ask if you need more information or assistance with the application process!
