Selvamagal Semippu Thittam (Sukanya Samriddhi Account in Chennai) is a savings scheme for the benefits of girl child. More than 50,000 accounts was opened in the Chennai city region, within just one month of its launch by the Department of Posts. Being one of the higher interest earning savings schemes, Selva Magal Thittam in post office and banks has got huge popularity within no time.
A news was published in thehindu.com that the Department of post has targeted to open 4.5 lakh accounts under this Sukanya Samriddhi Yojana New Saving Scheme. Mervin Alexander, postmaster general of Chennai city region had also conveyed the same that across Tamil Nadu they will target a huge number of Sukanya Samriddhi account opening in Chennai.
To make this scheme a massive success, huge planning and campaigning are needed. For that Mr. Mervin’s team had launched a special campaign for opening new SSA accounts at the Vellore Head Post Office and many other measures were taken.
Sukanya Samriddhi Account Opening in Chennai
As per last update, already 50,000 accounts has been already opened under this Selvamagal Semippu Thittam scheme launched by Mr. Mervin Alexander.
After submitting the form with valid necessary documents, post office team will verify the details and issue a passbook immediately or may be ask you to wait for some time to process.
Selvamagal Semippu Thittam Details
This Selva Magal Scheme is launched for the girl child by the department of posts. Parent or guardian of the girl child can open an account in the name of the child. For that, one needs to submit the necessary documents along with photos.
Different features and benefits of Selvamagal Semippu Thittam includes:
- The age limit of a girl child for opening an account is set to 10 years, which was relaxed to 11 years for the 1st year of launch.
- The current Selva Magal scheme interest rate is 8.5%, which is highest among many small savings schemes. The amount will be credited to the account.
- The account will be active for a maximum of 21 years from the date of opening of account or education or marriage of the girl child (after attaining 18 years of age), whichever is earlier.
- The post office Selvamagal Semippu Thittam also provides exemption from income tax along with banks. The depositor can collect it as monthly interest or git it after the full term.
Provision is there for partial withdrawn of up to 50 percent of the deposit amount. However, it is possible after the account holder turns 18 of age for the purposes of higher education and marriage. Also, premature closure is permissible under certain conditions (checkout the rules.)
SelvaMagal Semippu Thittam Calculator
Excel based calculators are available online where you need to put the monthly investment and the current interest rate to know the amount at maturity. You can download the Sukanya Samriddhi Account calculator to calculate the maturity value.
Hope you will find the article useful. Don’t forget to share this with your friends and family in Chennai who might want to open an account under Selvamagal Semippu Thittam scheme.