“Let the Saving be your first expenditure” is a famous advertisement by a financial company. Somehow or the other I was attracted by this saying. Each and every individual must develop the habit of saving. There are a lot of ways to save but there is a big difference between saving and investment. A smart brain plus awareness is required to invest wisely. Though there are many banks schemes, mutual funds to invest Post office has announced a new scheme called “Thanga Magal Semippu Thittam” where the girl child can make use of the Money either for her higher education, buy gold for her Marriage.
The Department of Post launched a new deposit scheme called “Selvamagal Semippu”. Its also called as Sukanya Samriddi Account in Hindi which means Girl child Prosperity Scheme. This Scheme was introduced by our Prime Minister Narendra Modi on January 22, 2015.
This Scheme is exclusively for the girl child. It provides a higher rate of interest than any other schemes for the girl child.
Benefits of this Scheme:
1. Interest Rate is 9.2%
2. Parents or Guardians can deposit as low as Rs.100/- at a time for multiple times.
3. A minimum amount is Rs.1000/- to cover all classes of People.The maximum amount is 1.5 lakhs per financial year.
4. The Girl should be less than 10 years old. Age relaxation is given for one year.
5. one Account can be opened per girl child.
6. If the total deposit is less than Rs.1000/- within a year then the account is deactivated.
7. To activate the account Rs.50/- as the penalty should be paid.
8. The account can be closed only after the account holder turns 21 years old, the amount can be withdrawn partially for higher education only when the girl turns 18 years old.
9. To open this account
*Birth certificate of the girl child.
*Address proof of the Parent/Guardian.
*Identity proof of the Parent/Guardian.10. It is said that even NRIs can also deposit in this scheme for their daughters.
Note: Approach your nearby post office and inquire about the latest details. Since the rules and regulations change from time to time.