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Mahila Samman Bachat Patra Yojana 2023: The Mahila Samman Bachat Patra Yojana, also known as the Mahila Samman Saving Certificate Scheme 2023, has been introduced by the Modi government in the 2023 Union Budget. This scheme is expected to provide significant benefits to women, as it offers a higher interest rate on deposited money compared to other government bank or post office fixed deposit schemes. In this article, we have provided the details of the Mahila Samman Bachat Patra Yojana 2023, including its interest rate, investment returns, and the terms and conditions for opening an account.
★★ Government Schemes ★★
Mahila Samman Bachat Patra Yojana 2023 – Overview
| Name of the Scheme | Mahila Samman Bachat Patra Yojana 2023 |
| Launched by | Government of India |
| Beneficiaries | Women and Girls in India |
| Objective | To provide interest at a fixed rate of 7.5 % to women and girls |
| Year | 2023 |
| Category | Govt Schemes |
Mahila Samman Bachat Patra Yojana 2023
The Government of India has recently launched the Mahila Samman Bachat Patra Scheme 2023, which was announced in the Union Budget 2023. This scheme offers women and girls a high interest rate of 7.50 percent on deposited money, which is currently higher than the fixed deposit or recurring deposit schemes offered by any government bank or post office. Moreover, the Mahila Samman Bachat Patra Yojana 2023 provides a higher interest rate than the National Savings Card (NSC), Kisan Vikas Patra (KVP), and PPF account.
Mahila Samman Bachat Patra Yojana 2023 Interest Rate
| Mahila Samman Bachat Yojana | 7.5% p.a |
| 1-Year Post Office Time Deposit (FD) | 6.6% p.a |
| 2-Year Post Office Time Deposit (FD) | 6.8% p.a |
| 3-Year Post Office Time Deposit (FD) | 6.9% p.a |
| 5 Year Post Office Time Deposit (FD) | 7.0% p.a |
| 5 Year Post Office Recurring Deposit (RD) | 5.8% p.a |
| PPF: PPF Account Scheme | 7.1% p.a |
| NSC: National Savings Certificate Scheme | 7.0% p.a |
| KVP: Kisan Vikas Patra Yojana | 7.2% p.a |
| POMIS: Post Office Monthly Income Scheme | 7.1% p.a |
Mahila Samman Bachat Patra Yojana 2023 | Eligibility
- The Mahila Samman savings account is available for any Indian woman or girl without age restrictions.
- Girls, as well as elderly women, can open this account.
- Foreign nationals or non-resident Indian women are not eligible to open this account.
Where to open the Mahila Samman Bachat Patra Yojana 2023 Account?
Similar to other government savings schemes, Mahila Samman Bachat Patra Yojana accounts can be opened at post offices or banks. In addition to all government banks, some major private banks also offer the facility to open this account. Below is a list of public sector banks for your convenience.
- State Bank of India
- Bank Of Baroda
- Bank of India
- Indian Overseas Bank
- Central Bank of India
- UCO Bank
- Punjab National Bank
- Union Bank of India
- Canara Bank
- Indian Bank
- Punjab and Sind Bank
- Bank Of Maharashtra
Documents Required to Open Mahila Samman Bachat Patra Yojana 2023 Account
To open an account under Mahila Samman Bachat Patra Yojana, the following documents will be required:
- Aadhar card
- PAN card
- Account opening form (available from the bank)
- Two colored passport-size photographs
How much money has to be invested?
Under the Mahila Samman Savings Letter Scheme 2023, you are allowed to deposit a maximum of Rs 2 lakh. However, there is no clear information provided regarding the minimum deposit limit in the 2023 budget.
How to invest in Mahila Samman Bachat Patra Yojana 2023?
To invest in the Mahila Samman Bachat Patra Yojana, the following steps can be followed:
- Locate the nearest post office: Find the nearest post office and inquire about the Mahila Samman Bachat Patra Yojana.
- Fill the application form: Obtain and fill out the application form for the scheme, providing personal and financial information, as well as nomination details.
- Submit the form and supporting documents: Submit the filled application form along with supporting documents such as proof of identity and address to the post office.
- Deposit the amount: Deposits can be made in cash or by cheque, and the amount to be deposited can be chosen by the investor.
- Receive the certificate: After a successful deposit, a certificate will be issued as proof of investment in the Mahila Samman Bachat Patra Yojana.
When will the money be returned?
Once you open an account under the Mahila Samman Savings Letter Scheme 2023, your money will be deposited for a period of 2 years. At the end of the 2-year term, you will receive your entire deposit amount along with the accumulated interest.
| On depositing 1000 rupees | 1155 rupees will be returned |
| On depositing 2000 rupees | 2311 rupees will be returned |
| On depositing 3000 rupees | 3467 rupees will be returned |
| On depositing 5000 rupees | 5778 back in 2 years. |
| On depositing 10000 rupees | 11556 rupees will be returned |
| On depositing 20000 rupees | 23113 rupees will be returned |
| On depositing 50000 rupees | 57781 rupees will be returned |
| On depositing 100,000 rupees | 1,15,562 rupees will be returned |
| On depositing 200,000 rupees | 2,31,125 rupees will be returned |
Mahila Samman Bachat Patra Calculator
The Mahila Samman Bachat Patra scheme provides women with a great opportunity to save money and become financially independent. It offers several benefits, including tax savings and an attractive interest rate. Women can use the Mahila Samman Bachat Patra calculator to estimate the returns on their investment, based on the amount invested, interest rate, and tenure. This tool is easy to use and provides accurate results, allowing women to plan their savings and investments wisely. By investing in the Mahila Samman Bachat Patra scheme, women can secure their financial future and enjoy peace of mind.
Mahila Samman Saving Certificate
The Mahila Samman Saving Certificate is a specialized savings scheme designed exclusively for women in India. This scheme provides a safe and secure way for women to save their money and earn a reasonable interest rate. The account earns interest at a rate declared by the government, and the depositor can withdraw the money at any time without any penalty. The Mahila Samman Saving Certificate offers tax benefits under Section 80C of the Income Tax Act, 1961, and allows for partial withdrawals with a nomination facility. It is an excellent investment option for women looking to save money for the future while also taking advantage of government tax benefits.
We hope that this article has provided you with all the necessary details about Mahila Samman Bachat Patra Yojana 2023. Please stay tuned to our updates @ freshersnow.com for more information.