Fatema Nedham of Bahrain won the gold medal with a throw of 4.76m while Dimitra Korokida of Greece bagged the bronze with an attempt of 4.28m which was her best effort this season.
After bagging the silver, an excited Deepa said she wants to use the medal to support women with disabilities in India.
The 45-year-old, who is the oldest in the Indian contingent in Rio to win a medal, called it a "proud moment" for her and the family.
"I want to use this medal to support women with disabilities in India. This journey has been wonderful for me and my entire family, I am proud to be the oldest athlete in the team and win a medal," Deepa told IANS immediately after her feat.
Deepa has thus confirmed India's third medal from the Paralympic Games. India's tally at this edition of the Paralympics now stands at one gold, one silver and a bronze.
Mariyappan Thangavelu had won gold in the Men's High Jump T42 category on Friday with fellow Indian Varun Bhati taking bronze in the same event.
Deepa also became the first Indian female medallist in the history of the Paralympic Games. India, who made their Paralympic Games debut in 1968, have bagged an overall total of 11 medals including three gold, four silver and an equal number of bronze medals.
Deepa, who received the Arjuna award in 2012, is a paraplegic, paralysed from the waist down,. She is the mother of two children and the wife of an Army officer.
The 45-year-old registered her name twice in the Limca Book of Records, once for crossing a 1 km stretch of the Yamuna river against the current in 2008, and then again for covering 58 km by riding a special bike in 2013.
