The manager for Chennai region Post offices informed that a target to get 1.5 Lakh persons to open bsavings account under ‘Selvamagal scheme’ has been set.
A new savings scheme, beneficial to female children, known as ‘Selvamagal Scheme’, has been introduced through the Postal Department. When the female child grows & reaches the age for marriage, the matured account will be handed over to the child.
A special camp was organised at Vellore Head Post Office for ‘Selvamagal Scheme’ was conducted yesterday (Wednesday, 4th March).
Chennai Regional Postal Department Officer, Mr. Merwyn Alexander, presided over the camp and distributed savings pass-books for those who joined the Selvamagal Scheme.
He informed:
Selvamagal Savings Scheme was inaugurated by the Prime Minister on 30th January. Parents or Guardians of female children recently born or up to 10 years of age can ope this savings account and deposit from Rs. 1000/- to Rs. 1,50,000 in a year.
This savings schemes draws an exclusively high interest rate of 9,1% which is more than any other government saving schemes.
When the female child grows to be 18 years of age, half the amount in the savings account can be taken for the female child’s education or marriage. Otherwise, the entire savings can be withdrawn when the child reaches the age of 21.
A target to open 1.5 Lakh savings accounts under this scheme has been set for the Vellore region. All the 48 Post Offices under the Vellore Division have this facility. So far, over 500 persons have joined.
In order to create more awareness about the benefits of the saving scheme, college and school students are to be deployed.
The officials from Post Offices and a fair gathering of public participated.
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