TFP Bureau Report, April 29,2024: The Mahila Samman Bachat Patra Yojana continues to offer competitive interest rates compared to other small savings schemes available in India. Even when pitted against schemes like the National Savings Certificate, Public Provident Fund, and Monthly Income Scheme, the interest rate of the Mahila Samman Bachat Patra Yojana remains quite appealing.
Interest rates for various small savings schemes across India are announced quarterly, but the Mahila Samman Savings Patra remains unaffected by these changes, providing a guaranteed return of 7.5 percent.
The Mahila Samman Bachat Patra Yojana matures in just two years, ensuring that invested funds are not locked in for an extended period. Moreover, the scheme allows partial withdrawals if required, adding to its flexibility.
There are no age restrictions for investors; the scheme can be invested in the name of a girl or woman of any age.
How to Open an Account
Investors interested in the Mahila Samman Savings Certificate Scheme can open an account at any post office. A guardian can also open an account in the name of a minor girl. During the account opening process, KYC documents such as Aadhar card, PAN card, and a colored photograph are required.
Partial Withdrawal Facility
Under the scheme’s rules, investors can make partial withdrawals after one year. After completing one year in the Mahila Samman Savings Certificate Scheme, investors are permitted to withdraw up to 40 percent of the deposited amount. For example, if an investor deposits Rs 2 lakh, they can withdraw Rs 80,000 after one year.
Interest Calculations
Using the Mahila Samman Saving Certificate Scheme calculator:
– If a woman invests Rs 50,000, she will receive Rs 8,011 as interest in two years, resulting in a total of Rs 58,011 on maturity.
– Investing Rs 1,00,000 will yield Rs 1,16,022 at maturity with a 7.5 percent interest rate.
– Depositing Rs 1,50,000 will result in Rs 1,74,033 after two years, with Rs 24,033 being the interest earned.
– Investing Rs 2,00,000 will yield Rs 2,32,044 on maturity, including Rs 32,044 as interest over two years.
The Mahila Samman Bachat Patra Yojana presents an attractive investment option for women seeking competitive returns within a short investment horizon.
