The Mahila Samman Bachat Patra Yojana, also known as the Mahila Samman Savings Certificate, is a savings scheme launched by the Central Government of India on February 1, 2023, to foster women's financial empowerment.
The scheme offers several provisions, including:
Interest Rate: The scheme provides an interest rate of 7.5% for two years.
Maximum Deposit: The maximum deposit allowed under the scheme is Rs. 2 lakh.
Deposit Period: The deposit period is limited to a maximum of 2 years. Additionally, the MSBP allows for partial withdrawals after 7 years.
Deposit Amount: The minimum deposit amount for the Mahila Samman Bachat Patra is Rs. 2,000.
Beneficiaries: The scheme is available to women and girls across India. There is no upper age limit, making the scheme accessible to women of all ages.
Tax Benefits: The scheme does not offer tax benefits.
Premature Closure: The account can be closed at any time, but the interest rate will be calculated based on the actual number of days the money was invested.
Nomination: Nomination facility is available for a maximum of 4 nominees per account.
Account Opening: Women and girls can open an account by submitting the required documents at any post office or government-owned bank branch.
This scheme offers several benefits, aiming to empower women financially. Some of the key benefits of the scheme include:
Financial Security: The scheme aims to create financial security for women, thereby enhancing their financial stability.
Attractive Interest Rate: It offers an interest rate of 7.5% per annum on the deposited amount, which is higher than many fixed deposit interest rates of banks.
Easy Access to Funds: The scheme allows for partial withdrawal before the tenure, providing quick access to funds for unforeseen expenses.
No Tax Benefit: While there is no tax benefit for investments made in the Mahila Samman Saving Certificate, most saving schemes offer deductions of up to ₹1.5 lakh under Section 80C of the Income Tax Act.
Flexible Investment: Women can invest up to Rs. 2 lakh for a tenure of two years, making it a flexible savings option.
The Mahila Samman Bachat Patra Yojana is a one-time small savings scheme available for two years until March 2025. The scheme aims to empower women financially and encourage them to save and invest.
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