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 When the account holder turns 18, there is a provision for partial withdrawn up to 50 percent of the deposit amount for the purposes of higher education and marriage.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

SelvaMagal Semippu Thittam Calculator

Sukanya Samriddhi Calculator. Year. Age of Girl Child. Opening Balance. Monthly Contribution. Yearly Contribution. Interest Rate @9.1%.

Selvamagal Semippu Thittam Calculator

Selvamagal Semippu Thittam - Special Report

Post Office Savings Schemes - Post Office Savings Account

Post Office Savings Schemes - Post Office Savings Account

Post Office Savings Account

 

Interest payable, Rates, Periodicity etc.

 

4.0%per annum on individual/ joint accounts.

Minimum Amount for opening of account and maximum balance that can be retained

 

Minimum INR 20/- for opening.

Salient features including Tax Rebate 

 

1. Account can be opened by cash only.
2. Minimum balance to be maintained in a non-cheque facility account is INR 50/-.
3. Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained.
4. Cheque facility can be taken in an existing account also.
5. Interest earned is Tax Free up to INR 10,000/-  per year from financial  year 2012-13.
6. Nomination facility is available at the time of opening and also after opening of account.  
7. Account can be transferred from one post office to another.
8. One account can be opened in one post office



9. Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
10. Joint account can be opened by two or three adults.
11. At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.
12. Single account can be converted into Joint and Vice Versa.
13.  Minor after attaining majority has to apply for conversion of the account in his name.
14. Deposits and withdrawals can be done through any electronic mode in CBS Post offices.
15.  *Inter Post office transactions can be done between CBS post offices
16.  *ATM/Debit Cards can be issued to Savings Account holders( having prescribed minimum balance on the day of issue of card) of CBS Post offices. 

Post Office Savings Schemes - Post Office Savings Account

 Source http://www.indiapost.gov.in/SavingsAccount.aspx