The Department of Posts on Friday launched ‘Selvamagal Semipu’, a new deposit scheme for the girl child.
The department, which already has a facility for savings bank accounts for children, has started this scheme exclusively for girls below 10 years of age, said officials. Parents or guardians can deposit up to Rs. 1.5 lakh a year in this scheme, which provides an interest rate of 9.1 per cent.
The scheme allows customers to pay in multiples of Rs. 100, and the deposit amount need not be a constant every month. While the account can be closed only after the account-holder turns 21, the amount can be partially withdrawn for reasons including higher education, when the account-holder is 18 years old.
At present, nearly 20 lakh people hold various types of savings accounts in 230 post offices across the city and its fringes. Of these, nearly 10 per cent are in the name of minors aged above 10 years.
The new scheme, referred to as ‘Sukanya Samriddhi’ in other states, will be available at all post offices.
The department plans to create awareness among customers, and targets opening one lakh accounts this fiscal.
Department of Posts starts the scheme exclusively for girls below 10 years of age
Parents or guardians can deposit up to Rs. 1.5 lakh a year