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| Post Office Saving Scheme for Girl Child |
Department of Post has recently launched ‘Selvamagal Semippu Thittam’. Since the launch of this scheme, people have shown immense interest as it fetches them with quite high interest rates as compared to other saving schemes. Over 50,000 accounts have already been opened in Chennai, including Vellore.
The Selvamagal Semippu Scheme was launched exclusively for the girl children. Any guardian or parents can open an account in the name of the child in the nearby post office. The age limit of the girl child should be of 11 years. Upon opening the account, this scheme with an interest rate of 9.1% will be credited to the account. The depositor can either choose to collect it as a monthly interest or get it after the completion of the full term. Alongside, parents can also avail the income tax exemption, if they invest in Selvamagal scheme.
The address proof of the parents or guardian and the birth certificate as well as the school certificate of the account holder is all that you need to sign in. A minimum of Rs. 1000 is needed each year. The parents or the guardian of the account holder can deposit any sum of money throughout the month or in a year. There is no limit to the numbers of deposit. The maximum amount to be deposited in a year is Rs. 1.5 Lakhs. In case if the minimum deposit for a year is not made, the account will be discontinued. If you account gets discontinued, you can again revive it with a penalty of Rs. 50. To get the benefits of this scheme, you need to get in touch with the local post offices and not the postal agents.
When the account holder turns 18, there is a provision for partial withdrawn up to 50 percent of the deposit amount for the purposes of higher education and marriage. The deposit period of 21 years, but the account can be closed if the account holder shows proof of marriage. Premature closing of the account is only possible, when the account holder is of 18 years age. The savings scheme can be continued even after the maturity of the scheme.
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