1. Home
  2. News

Mahila Samman Bachat Patra Yojana 2023: Benefits, Rate of Interest and Method to Register

Here is all you need to know about the new small savings scheme introduced in Union Budget 2023 by Finance Minister Nirmala Sitharaman. The scheme is known as ‘Mahila Samman Bachat Patra’ and is dedicated to the women of the country.

Shruti Kandwal
The scheme is very beneficial for women
The scheme is very beneficial for women

Nirmala Sitharaman, Union Finance Minister introduced Mahila Samman Bachat Patra, a one-time new small savings scheme, on Wednesday while making Budget 2023 announcements. According to FM, the scheme will be made accessible for a period of two years until March 2025 and will provide deposits for women and girls with a fixed interest rate of 7.5 percent.

Mahila Samman Bachat Patra Yojana 2023

Due to the numerous obstacles that girls face when it comes to education, marriage, and entrepreneurship, the government of India has implemented several schemes that give women and girls in India the chance to succeed and additional support.

If a woman changes residence, she can withdraw the money without incurring any charges, and she can effortlessly move her savings account from one location to another. In addition to providing financial advantages, the scheme encourages women to take charge of their finances and make informed decisions, which promotes financial literacy and gives them more power. The scheme helps in encouraging women to work in the financial sector and increases their representation in financial institutions.

Moreover, the senior citizens' savings plan's maximum deposit level was raised. These schemes range in price from Rs 15 lakh to Rs 30 lakh.

The maximum deposit amount for the monthly income accounts scheme was also increased by Finance Minister Nirmala Sitharaman from Rs 4.5 lakh to Rs 9 lakh for single accounts and from Rs 9 lakh to Rs 15 lakh for joint accounts.

How to invest in Mahila Samman Bachat Yojana 2023

The steps to apply for Mahila Samman Bachat Patra Yojana are as follows:

  • Visit the post office nearest to you: To learn more about the Mahila Samman Bachat Patra Yojana, visit the closest post office.

  • Complete a form for application: Obtain and complete an application for the scheme. Along with the specifics of your nomination, you will need to give personal and financial information.

  • Send your application and any supporting documentation: Send the completed application form and any required supporting materials, such as identification and address proof, to the post office.

  • Make the deposit: You can choose the amount you want to deposit and make deposits with cash or a check.

  • Receive the certificate: You will be given a certificate as proof of your investment in the Mahila Samman Bachat Yojana following a successful deposit.

Take this quiz on World Meteorological Day to check your knowledge about meteorology! Take a quiz
Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters