The study was designed with the intention of developing a viable scale, for measuring psychological well-being as an indicator of the quality of life of rural women. A scale was prepared and finalised by applying and analysing it on married women of Matlab. The eighteen plus (18+) respondents were selected randomly from the villages covering both NICH-FP and BRAC’s Rural Development Programmes. The items derived from five domains related to the psychological well-being and were subsequently examined by the authors and a group of experts in the field. Each respondent was requested to judge their own degree of favourable or unfavourable feelings expressed by each statement in terms of five point categories. The total scores, based on the response of the subjects, were then calculated, and correlation (r) of each item with the total score (item total correlation) was also computed. Ultimately, thirty-seven (37) items were selected for the test scale on the basis of correlation coefficient of item and total score. The reliability of the scale was determined by the split half and test re-test methods. The test re-test reliability provided a 71 percent consistency. The instrument when applied to examine the difference in scores among BRAC members, BRAC Eligible non-members and BRAC non-eligible non-members, a statistically significant distance among the three groups was observed.