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Home / IAS Preparation / Mahila Samman Bachat Patra Yojana

Mahila Samman Bachat Patra Yojana - Overview, Salient Features, Eligibility, Benefits And More

Last Updated on Dec 12, 2023
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The Mahila Samman Bachat Patra Yojana stands as a remarkable initiative launched by the Central Government of India on February 1, 2023, with the aim of fostering women's financial empowerment. This transformative scheme, commonly known as the MSSC scheme, was introduced by Union Finance Minister Nirmala Sitharaman as a part of the Budget 2023, coinciding with the celebration of Azadi ka Amrit Mahotsav. Designed to uplift women financially, this two-year scheme offers a maximum deposit limit of two lakhs and is set to be accessible until March 2025.

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What is Mahila Samman Saving Patra?

The Mahila Samman Saving Patra is a vital component of the Mahila Samman Bachat Patra Yojana, created to foster women's financial stability and autonomy. This certificate also referred to as the Mahila Samman Savings Certificate (MSSC), acts as a tool to encourage savings and investments among women while promoting their economic independence. This small savings scheme focuses on enabling women and girls to make sound financial decisions while providing them with access to funds when needed. 

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Overview of Mahila Samman Saving Patra

Aspect

Details

Scheme Name

Mahila Samman Bachat Patra Yojana 2023

Announced By

Finance Minister of India, Smt. Nirmala Sitharaman

Announcement Date

February 1, 2023 (during Union Budget 2023-24)

Start Date

April 1, 2023

End Date

March 31, 2025

Beneficiaries

Women and girls across India

Scheme Duration

2 years

Maximum Deposit

2 lakh rupees

Objective

Empowering women financially

Interest Benefit

7.50% on deposits

Implementation

Post Offices

Rate of Interest

7.50%

1st Year Profit

15,000 Rupees

2nd Year Profit

16,125 Rupees

Total Profit in 2 Years

31,125 Rupees
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Salient Features of Mahila Samman Saving Patra
  • Geared towards women empowerment, this savings scheme provides a secure and dependable investment avenue.
  • Noteworthy features of the scheme include risk-free investment, guaranteed returns, and government backing.
  • Exclusive to girls and women, the Mahila Samman savings certificate has a one-time investment with a two-year tenure.
  • Offering a competitive 7.5% fixed interest rate, it surpasses many other fixed-income savings schemes.
  • Investors can contribute up to Rs. 2 lakhs, with no specified minimum limit under this scheme.
  • Additionally, the scheme provides tax-saving benefits under Section 80C.
  • For flexibility, a partial withdrawal option is available in case of premature needs before the two-year term.
  • Applying for the Mahila Samman savings certificate is a hassle-free process, accessible through the nearest post office or authorized bank.
  • Mahila samman savings certificate interest rate is 7.5% per annum.

Benefits of Mahila Samman Saving Patra

The Mahila Samman Savings Certificate scheme offers a multitude of benefits, each contributing to the larger goal of women's financial empowerment:

  • Aims at creating financial security for women, thereby enhancing their financial stability.
  • Encourages women to make independent financial decisions through a dedicated savings scheme.
  • Provides an attractive interest rate of 7.5%, facilitating growth on deposited funds.
  • Offers the flexibility to withdraw a portion of the deposited money in case of need.
  • Sets a maximum deposit limit of up to Two Lakhs and a deposit duration of two years.

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Understanding the Rate of Interest

The core objective of the Mahila Samman Bachat Patra Yojana is to uplift women and girls financially. Under this scheme, women can invest up to 2 lakhs, earning an interest rate of 7.5%. Let's dive into the detailed calculation of the interest:

  • With a 2 lakh rupee investment, the first-year profit amounts to 15,000 rupees.
  • In the second year, the profit increases to 16,125 rupees.
  • Therefore, a total benefit of 31,125 rupees can be accrued by investing 2 lakh rupees for two years.

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Eligibility for Mahila Samman Bachat Patra Yojana

The eligibility criteria for the Mahila Samman Bachat Patra Yojana are designed to be inclusive and accessible to a wide range of women:

  • Any woman or girl who is a citizen of India can participate in the scheme.
  • Women above the age of 18 are eligible for the Mahila Samman Bachat Patra Yojana.
  • There is no upper age limit, making the scheme accessible to women of all ages.

Required Documents for Mahila Samman Yojana

To enroll in the Mahila Samman Bachat Patra Yojana, the following documents are essential:

  • Aadhaar Card
  • Two passport-size photographs
  • Income certificate
  • Active mobile number
  • Post office or bank account book

Know more on Pradhan Mantri Ujjwala Yojana (PMUY) here!

List of Banks Offering Mahila Samman Bachat Patra

On June 27, 2023, the Department of Economic Affairs, Ministry of Finance, officially granted authorization to all public sector banks and eligible private sector banks to administer the Mahila Samman Savings Certificate scheme. The list of qualified banks providing this scheme includes:

  1. Bank of Baroda
  2. Canara Bank
  3. Bank of India
  4. Punjab National Bank
  5. Union Bank of India
  6. Central Bank of India

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Mahila Samman Bachat Patra - FAQs

No, the scheme is specifically designed for women and girls who are citizens of India.

Yes, a part of the deposited money can be withdrawn in case of necessity.

No, the Mahila Samman Bachat Patra Yojana is accessible to women of all ages.

No, currently the scheme requires visiting a post office or authorized bank in person to apply.

Yes, the interest earned from the scheme might be subject to taxation according to prevailing tax laws. It's advisable to consult a tax professional for accurate guidance.
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