There was a buzz at the Mylapore Post Office on Kutchery Road, Mylapore on February 21; the staff here had to promote a unique savings scheme created for children.
The Selvamagal Semippu Scheme was introduced in 2015 under the ‘Beti Bachao –
Beti Padhao’ campaign for the welfare of girl children in the country. And post offices have to drive this scheme.
The Mylapore Post Office, with many others in the city and outside, is creating some buzz about the scheme to draw more people to join this scheme.
An account under this scheme can be opened for girl children below 10 years of age by the parent or a legal guardian with minimum of Rs.250 and maximum of Rs.1.5 lakhs per financial year. The scheme offers the highest interest rate of 8.2% per annum.
The deposits made under this scheme provides tax benefit upto Rs.1.5 lakh per financial year under Sec 80C of Income Tax Act. The account allows 50% of withdrawal at the age of 18 years or after passing 10th standard – for higher education purposes. The account reaches
maturity after 21 years from the date of opening of the account.
Post Office staff said that people who wish to open an account under this scheme may approach the special counter which functions at the post office and get things done in a jiffy.
