What is Selva Magal Semippu Thittam 2015 / Sukanya Samriddhi Account SSA?
Selva Magal Semippu Thittam is a special savings scheme exclusively launched for the girl child in Indian Post Offices. It provides higher interest rates than many other schemes for the girl child.
When it was launched and by Whom?
Selva Magal Semippu Thittam scheme was launched on 22nd January 2015 by Indian Prime Minister Narendra Modi.Benefits
- Interest Rate: 9.2% (From 1st April 2015 onwards)
- Parents/ Guardians can deposit as low as 100 rs at a time for any number of times.
- Minimum amount to be deposited in a year is set as Rs 1000 to cover all the people.
- The interest earned through this account is tax exempted.
- The girl child should be less than 10 years old. Age relaxation of one year that is 11 years has been given for this year.
- Only one account can be opened per girl child.
- If the total deposit in one year is less than RS.1000 the account will be deactivated, which can be activated again after a payment of penalty of Rs 50.
- The maximum amount that can be invested in every financial year is Rs 1.5 Lakhs.
- Birth Certificate of the girl child for age confirmation
- Address Proof of the Parents/Guardian
- Identity Proof of the Parents/Guardian