How to start Selvamagal Scheme for your daughter?
Posted on: 21/Oct/2020 3:58:01 PM
‘Selvamagal Savings Scheme’ (Sukanya Samithi System) is one among the various savings schemes offered by Indian Postal Department where the financial demands for a daughter are answered in this scheme with support from the government.
Thus, India Post has been executing the ‘Sukanya Samithi’ or ‘Selvamagal Saving Scheme’ for the future welfare of female children. From the female child just born to about 10 years’ old, an account can be opened under their name by the parents or guardian. An income Tax deduction is given for the amount paid in this scheme.
Here are more details about this scheme:
Eligibility: Parents can start this account under their daughter’s name. However, the parents can open a single account for 1daughter. They can also open another account for another daughter. Note that the parents are allowed only 2 accounts under this scheme.
India Post has announced that this Selvamagal Scheme can be started right from the female child just born until 10 years’ old.
While opening this account, the parent or guardian has to submit details such as identity proof, residence proof, and other related details and also the birth certificate of the child must be submitted in the Post Office or Bank.
In case the birth certificate is not available, Aadhar card or PAN card or passport may be shown as proof of age. To start an account, visit the nearest police station.
An annual interest of 7.6% is paid in the Selvamagal Saving Scheme. It is worth noting here that Selvamagal Saving Scheme offers the highest interest
When the account gets matured at the age of 21, triple the amount saved is being offered. So, this is one of the hugely popular savings schemes for the public.
When the daughter reaches 21 years of age or when she gets married, this account can be closed.
A minimum of Rs. 250 per year must be deposited. In case of failure to do this, the account will get closed. Further, the account can be renewed by depositing the minimum required along with a penalty of Rs. 50.
While starting the account, a minimum of Rs.250 has to be paid. A maximum of up to Rs. 15 Lakhs can be deposited. After starting the accounts, deposits can be made for the subsequent 15 years only. Money may be deposited in the form of Cheque or Demand Draft. Online transaction facility is also available.
Apart from the city where the female child was born, this account can be transferred to any place throughout India. If the parent/guardian provides the proof of documents regarding shifting the living city, this transfer of Selvamagal account can be done free.
In case no proof as required above is available, a fine of Rs. 100 will need to be paid for the new bank transferred.
