How to Invest in Selvamagal Semippu Thittam & What does it Brings About

Thursday, October 27, 2016

How to Invest in Selvamagal Semippu Thittam & What does it Brings About

Selvamagal Semippu Thittam launched by our Indian Prime Minister Mr. Narendra Modi as a small saving scheme for Girl child under Beti Bachao campaign, at the rate of 9.1 per cent per annum and provides income tax rebate. This scheme is growing popular among many peoples in and around India as one of the best and higher interest earing saving schemes through the Postal Department. As the start of this scheme nearly 50,000 accounts have been opened by the peoples of chennai there by making all city people to know its importance.

What does this Selvamagal Semippu Thittam Scheme Brings About?

1. This Selvamagal Semippu Thittam is launched by the department of Postal specially for the girl children. The Parent or the Guardian can opened the account directly in the name of the child with necessary document and photo.

2. Initially the age limit for opening the account in the name of girl child is set to 10 years, and it has been relaxed to 11 years for the 1st year after this scheme lauch.

3. This Selvamagal Semippu Thittam with an interest rate of 9.1% will be credited to their account.

4. Selva Magal Semippu Thittam can remain operative for a maximum of 21 years from the date of opening of account or education or marriage of the girl after attaining 18 years of age.

5. This scheme also provides exemption from Income Tax. The depositor can collect it as monthly interest or git it after the full term.

6. When the account holder turns 18, there is a provision for partial withdrawn up to 50 percent of the deposit amount for the purposes of higher education and marriage.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.