Hey @Shivam_Nimbalkar,
Welcome to the MongoDB Community Forums! Your understanding is correct that for any special characters in the password field as seen here, they should be percent encoded. It looks like the percent encoding is including the < and > characters. You don’t need to set your password in angular brackets i.e You can exclude them from your connection string unless they are actually a part of your password. Hope that helps.
Thanks,
Rishit.