The “Selva Magal Semippu Thittam 2025 ( new update ) ” is a government-backed savings scheme in India aimed at securing the future of female children. It is also known as the “Sukanya Samriddhi Yojana” (SSY) or “Sukanya Samriddhi Account” (SSA).
Selva Magal Semippu Thittam Key Features
- Eligibility: Open to parents or legal guardians of a girl child born on or after January 1, 2000.
- Account Opening: Can be opened at any post office or authorized bank.
- Minimum Deposit: ₹250 per year.
- Maximum Deposit: ₹1.5 lakh per year.
- Maturity: The account matures after 15 years from the date of opening or when the girl child turns 18 years old, whichever is earlier.
- Withdrawal: Partial withdrawals are allowed after the girl child turns 18 for education or marriage expenses.
- Interest Rate: Currently, the interest rate is around 7.65% per annum, compounded quarterly.
- Tax Benefits: Interest earned on the account is exempt from income tax.
Sukanya Samriddhi Yojana Benefits
- Higher Interest Rate: SSY offers a higher interest rate compared to other savings schemes.
- Tax Benefits: Interest earned is tax-free.
- Maturity Amount: The maturity amount can be substantial, providing a good financial foundation for the girl child’s education or marriage.
- Government Guarantee: The scheme is backed by the Government of India, ensuring the safety of your investments.
How to Open a Sukanya Samriddhi Account
- Gather Required Documents:
- Birth certificate of the girl child
- Identity proof and address proof of the depositor
- PAN card of the depositor
- Passport-sized photograph of the girl child
- Visit a Post Office or Bank:
- Locate a post office or bank authorized to open SSY accounts.
- Submit the required documents and application form.
- Make the initial deposit of at least ₹250.
- Start Investing:
- Make regular deposits to the account, up to a maximum of ₹1.5 lakh per year.
- You can make deposits monthly, quarterly, or annually.
Additional Information
- You can open a maximum of two SSY accounts per family.
- If the girl child dies before reaching maturity, the account holder can withdraw the entire balance along with accrued interest.
- In case of the depositor’s death, the legal guardian can continue operating the account.
The Selva Magal Semippu Thittam is a valuable investment option for parents who want to secure their daughter’s future. With its attractive interest rates, tax benefits, and government backing, it offers a reliable way to save for education and marriage expenses.