Mahila Samman Bachat Patra Yojna 2023
Hon. Finance Minister, Mrs. Nirmala Sitharaman in her Budget Speech 2023-24 Commonly referred to as Amrit Kaal Budget announced Mahila Samman Bachat Patra (Mahila Samman Saving Certificate),a savings scheme launched to encourage women to save money and become financially independent.
The Mahila Samman Bachat Patra Yojana 2023 offers several benefits such as attractive interest rates, easy access to funds, and tax benefits. Under the scheme, women or girl can invest up to maximum Rs. 2 Lakh for 2 Years at a fixed Interest Rate of 7.5% p.a.
Benefits & Features of Mahila Samman Bachat Patra
- Zero Risk as It is backed by the Government of India.
- It can only be in the name of a women or girl child.
- Partial withdrawal facility available for premature withdrawal.
- Fixed Interest Rate of 7.5% p.a.
- Maximum Deposit Limit of Rs. 2 Lakhs.
- One Time Scheme with tenure of Two (2) Years.
How to Open Mahila Samman BachatPatra ?
Women and girls can invest in this scheme in any public sector banks starting from 1st April 2023. Below are the steps to invest in Mahila Samman Bachat Patra:
- Visit the nearest bank / post office and get the Mahila Samman Bachat Patra Yojana form.
- Fill out the application form by providing all the required fields.
- Submit the form with the required documents, such as proof of identity and address proof.
- Choose the amount you want to deposit and make the deposit.
- Receive the certificate to be called as Mahila Samman Bachat Patra.
Comparison between Mahila Samman Bachat Patraand Other Saving Schemes:
| Particulars | Mahila Samman Bachat Patra | Sukanya SamriddhiYojna | PPF | NSC | Senior Citizen Saving Scheme |
|---|---|---|---|---|---|
| Eligibility | Women and Girl Child | Girl child before she attains the age of 10 years | Any Individual Indian Citizen | Any Individual, including Non-Resident Indian | Senior citizens above 60 years of age |
| Rate of Return | 7.5% p.a. | 7.6% p.a. | 7.1% p.a. | 7.0% p.a. | 8.0% p.a. |
| Tenure | 2 Years | 21 years from opening the account or when the girl child attains 18 years | 15 Years | 5 Years | 5 Years |
| Maximum Investment | Rs. 2 Lakhs | Rs. 1.5 Lakhs | Rs. 1.5 Lakhs | No Limit | Rs. 30 Lakhs |
| Tax Benefit | Yet to be Specified | Exempt u/s 80C | Exempt u/s 80C | Up to Rs.1.5 lakh under Section 80C | Up to Rs.1.5 lakh under Section 80C |
| Premature Withdrawal | Allowed | Allowed under Certain Circumstances | Partial Withdrawal Allowed after 7 Years | Not Allowed except in case of death of an investor or an order of a court | Allowed |
