The Government of India has launched many schemes for socio-economic development of women. One of these scheme is Mahila Smman Bachat Patra Yojana which was announced by finance minister Nirmala Sitaraman back in 2023-24 Budget. It will give higher return on savings. In this article we will let you know about the eligibility, benefits and how to apply for these scheme.
Mahila Samman Bachat Patra Yojana
In 2023-24 Budget session Nirmala Sitaraman introduced the Mahila Samman Bachat Patra Scheme for women. In this scheme, women can deposit minimum Rs 1000 to a maximum Rs 2 lakh. The money will grow with 7.5% interest. The scheme can be availed till 31st March 2025. So those who want to invest and grow money with government guarrenty can choose this scheme.
Benefits of Mahila Samman Bachat Patra Yojana
- In this scheme, women can deposit a minimum of Rs 1000 to Rs 2,00,000 for two years. Which will grow at 7.5% yearly, that’s more interest than what traditional banks offer.
- Minor girls can also open accounts under this scheme with parents or guardians.
- One can take up to 40% of their deposit after one year if needed.
- Also in case of emergency you can choose to close the account early after 1 year. But in this case the interest will be 5.5%.
Eligibility
- Any woman from India or girl can apply for this scheme.
- The applicant’s family income should not cross Rs 7 Lakh yearly.
- Minors can also open Mahila Samman Bachat Patra Yojana accounts with their parents or guardians.
How to Apply?
1. If you wan to open a Mahila Samman Bachat Patra Yojana account you need to visit your nearest Post Office as this scheme can be availed in 1.59 post offices around India.
2. After you reach Post Office ask for the form and fill it out. Once the form fillup is done submit it to the Post Office.
3. You can also avail this scheme with Bank of Baroda, Canara Bank, Bank of India, Punjab National Bank.
Documents needed for Application
If you are planning to apply for Mahila Samman Bachat Patra Yojana then you will need the documents mentioned below:
- Aadhar Card
- Ration Card
- Cast Certificate
- Residential Certificate
- PAN Card
- Passport Size Photograph
- Mobile Number
