Selvamagal Semippu Thittam-what is it?
Posted on: 16/Mar/2015 4:07:08 PM
Department of Post recently launched Selvamagal Semippu Thittam. Ever since its launch, people have been showing immense interest as it fetches them with higher interest rates compared to other savings schemes. Over 50,000 accounts have been opened in the past one year in Chennai city region and Vellore.
What’s included in the scheme?
- This is an exclusive scheme for girl children. Parents or guardians of a girl child can open this account in the name of their girl child
- The age limit for opening this account was initially 10 years, but this however got relaxed to 11 years then
- Interest rate offered in this scheme is 9.1 per cent. This interest will be credited to the account directly. The depositor is free to choose the way in which they need the interest. It may either be on a month on month basis, or can collect it at the end of the deposit term
- Comparing this scheme with that of senior citizens savings scheme which offers 9.2 per cent interest rate, Selvamagal Scheme provides the benefit of tax exemption
Requirements for opening the account:
- Address proof of parents or guardian
- Birth certificate or school certificate of the girl child under whose name the account is to be opened
- No nomination is allowed
- Minimum deposit per year is Rs 1000. The money can be deposited in multiples of Rs 100. The depositor is free to choose the amount they want to deposit in a year. Rs 1.5 lakh is the maximum amount per year
- If the depositor is unable to pay the full amount within one month, the account will be discontinued, however the money can be revived. Rs 50 as penalty will be applicable
- This scheme will be available only at the post office and not through postal agents
