The minimum deposit amount for Selvamagal saving scheme reduced to Rs. 250
Posted on: 20/Aug/2018 12:14:55 PM
The state of Tamil Nadu is in the 1st place in the opening of the Selvamagal saving scheme in the Post Offices. Over the last 3 years, 15.95 Lahss Selvamagal savings accounts have been opened and Rs. 2940 Crores has been deposited.
With a view to the improvement in the economic conditions for the girls, the Prime Minister Narendra Modi inaugurated the ‘Sukanya Samriddhi Yojana’ (Selvamagal saving scheme) on 22nd January 2015.
Selvamagal Saving scheme can be opened by the parents or the guardian of the girl children under 10 years of age. This account can be opened in all the Post Offices and branches and a few selected banks as well. For opening the Selvamagal savings account, the birth certificate of the girl child and the address proof and the identity proof of the parents are mandatory.
The Selvamagal savings account can be opened by depositing Rs. 250 initially. Subsequently, a minimum amount of Rs. 250 to a maximum account of Rs. 2.5 Lakhs can be deposited each year. The deposit can be made either on a monthly or on an annual basis.
A parent is entitled to open 2 Selvamagal savings scheme for 2 girl children. Once the account is opened, the deposit has to be made every year for a minimum period of 14 years. The savings accounts will mature at the 21st year. After this, the concerned girl child (now grown) can withdraw the savings on her own.
If the girl had completed 18 years of age and if interested in pursuing higher studies after a pass in +2, she can withdraw up to 40% of the deposit to pursue higher education. Presently, an annual interest rate of 8.1% is being offered for this scheme. The deposits made on this savings is exempted from Income Tax.
A higher official from the Post Office explained in this regard that immediately after the inauguration, there was a condition that a minimum deposit of Rs. 1000 must be made every year. Presently, with the main view of facilitating even the rural citizens to avail of this scheme, the minimum annual deposit has been reduced to Rs. 250.
Further, this scheme would be extremely useful for the expenses towards the higher education or marriage, etc. So, the public has been showing a keen interest in opening the Selvamagal savings account in the Post Offices.
Due to the above keen interest and enthusiasm, Tamil Nadu ranks as the premier state in the country with 15.95 Lakh citizens having opened the Selvamagal Saving Scheme till 40th June this year. A total of Rs. 2940 Crores has been deposited in these accounts. After the state of Tamil Nadu, the state of Uttar Pradesh secures the 2nd place in the country with 15.09 Lakhs accounts having been opened.
