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POST OFFICE SELVA MAGAL SCHEME 2022
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POST OFFICE SELVA MAGAL SCHEME 2022

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WHAT IS SELVA MAGAL SCHEME?

On saying the mantra “Beti Bachao, Beti Padhao” Prime Minister Narendra Modi launched the Sukanya Samriddhi Yojana scheme on January 22nd 2015. In order to secure the future of the girl child this scheme has been implemented. All the details regarding the interest rate ,maturity period, amount invested, closure of account, transfer of account, procedures to deposit are explained in detail as follow.

POST OFFICE SELVA MAGAL SCHEME 2022

Benefits of SELVA MAGAL account:

  • Sukanya Samriddhi account is safe and secured scheme.
  • Sukanya Samriddhi Yojana is a long term savings scheme.
  • SELVAMAGAL Saving Scheme gives you guaranteed returns.
  • It is very easy to open a Sukanya Samriddhi account.
  • Account can be transferred to any place in India.
  • The amount saved will be very helpful for the education or marriage expenditure of a girl child.
  • Interest rate is also considerably very high.

Who can open SELVA MAGAL account:

  • Children below the age of 10 are the beneficiaries of the scheme.
  • One account can only be opened for a person.
  • From the day of birth till the girl child reach the age of 10 the account can be opened anytime in between
  • This saving plan is applicable for two girl children of a family .if the first born are twins, then the account can be opened for the next girl child also(3 girl children in special cases)
  • On behalf of the minor child the parent /guardian will open this saving account.
  • Only Indian girl child can come under the scheme.
  • If in case the child becomes an NRI, the account will come to a halt.
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How to open SELVA MAGAL SAVING ACCOUNT

  • One of the most important benefits of the scheme is, its ease of opening.
  • The saving account can be created in nearby Nationalized banks or most preferably in nearby post office.
  • The parent or the garden has to when the SSA1 in order to create an account.
  • If the needed documents are attached and the application is submitted, passbook will be issued.
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Documents required SELVAMAGAL account:

  • Birth certificate of the girl child.
  • Parent or guardian identity and address proof ( voter ID/ passport /Aadhaar card/ driving license)
  • SSA1 form to be filled and submitted in the post office or Bank

How much money can you deposit?

  • For a financial year minimum of rupees 1000 and maximum of Rupees 1, 50,000 can be deposited in Sukanya Samriddhi Yojana scheme.
  • This 1, 50,000 can be paid as a lump sum amount or it can be paid throughout the year in small quantities.
  • The money can be paid directly to the concerned bank or post office or it can also be paid through net banking or internet banking.
  • Maturity period of Sukanya Samriddhi scheme:
  • The maturity period of Sukanya Samriddhi scheme is 21 years or it will be open till the girl child gets married.
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SELVAMAGL SCHEME NEW Interest rate:

  • For any state or central Saving Scheme, the interest rate is not at all fixed it keeps on changing according to the financial condition of the nation.
  • As of now the interest rate of Sukanya Samriddhi Yojana scheme is 7.6 %
  • If the amount is deposited in the first 10 days of a month then interest will be calculated for that month also.
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Why penalty? If the minimum deposit is not made for a financial year, then the account will be locked and in order to reactivate it a penalty of 50 rupees should be paid.

Income tax exemption: As per the income tax Act the amount deposited in this scheme is eligible for 80c income tax exemption.

Change of place: The account can be opened anywhere in India and the account can be transferred to anywhere in India as well. The reason for change of place should be mentioned and rupees 100 should be paid for the same.

Premature withdrawal: When the child attains the age of 18 partial withdrawals (50 percentage of amount deposit) can be withdrawn for the educational purposes of the child. The account balance at the end of the preceding financial year is calculated.

Premature closure: In the event of death of the account holder the account will be closed immediately, if the death certificate is produced.

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SELVA magal scheme calculation:

  • A small calculation is made below to understand the relationship between amount paid for each month, Amount deposited during the tenure, and interest for the deposit and maturity amount after maturity period. This helps to understand the ponmagal savings scheme even better.
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POST OFFICE SELVA MAGAL SCHEME

FAQ

What is the minimum Amount deposited in Sukanya Samriddhi account?

Minimum 1000 should be deposited for a financial year in Sukanya Samriddhi scheme .

What is the maximum Amount deposited in Sukanya Samriddhi scheme?

Maximum of 1,50,000 can be deposited either in one payment or throughout a financial year.

What is the interest rate for selvamagal Saving Scheme?

As of now the interest rate is 7.6 %

What is the maturity period of selvamagal scheme?

The maturity period of Sukanya selvamagal scheme is 21 years.

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