The Department of Posts in Madurai launched the ‘Selva Magal Semippu’ scheme exclusively for girl children at the Gandhi Nagar post office here on Monday.
Speaking at the launch, District Collector L. Subramanian said that parents or guardians could open accounts for their girl children who were born after December 2, 2003 and deposit up to Rs. 1.5 lakh per year. “The scheme has an interest rate of 9.1 per cent and allows customers to pay in multiples of Rs. 100. The minimum deposit for opening the account is Rs. 1,000,” he said.
Mr. Subramanian further said that while the account is to be closed only after the account holder turns 21 years of age, partial withdrawal of the amount for reasons such as marriage and higher education is allowed. “I however encourage all parents to invest in this scheme so that it will help fund their daughter’s higher education. It is extremely important that girls are given the option to study further and equip themselves,” he stated. The Collector also distributed savings books to the first five account holders under the scheme. J. Charukesi, Postmaster General of Southern Region-Madurai was present.