Chennai, 20 February (H.S.): Selvamagal Savings Scheme Account Opening Camp to be held in Tambaram on February 21st Selvamagal Savings Scheme Account Opening Camp to be held in Tambaram on February 21st , 2024.
According to press release issued by PIB, The camp will be held at the Tambaram, Avadi, and Ambattur Head Post Offices under the Tambaram Postal Division, which is part of the Chennai City Postal Zone, and at the following Sub-Post Offices: Chromepet, Pallavaram, Ambattur, Thozhilpettai, Thiruvottriyur, Selaiyur, Tambaram East, Kamaraj Nagar, Poontamally, Padi, Chengunram, Villivakkam, Gummidipoondi, Ponneri, Medavakkam, Porur, Kolathur, Meenjur, and Mukapper.
Furthermore, special camps for opening Selvamagal savings accounts will be held on February 28 and March 10. Special counters have been arranged at these post offices on these days.
Under this scheme, a girl child under the age of 10 can open an account by the parents or legal guardian with a minimum deposit of Rs. 250 and a maximum deposit of Rs. 1.5 lakh per financial year. The interest rate on this scheme account is 8.2 percent. Under Section 80C of the Income Tax Act, a tax deduction of up to Rs. 1.5 lakh per financial year is provided. 50 percent of the money can be withdrawn from the account for higher education purposes when the girl child turns 18 or after passing class 10.
The account matures after 21 years from the date of opening the account. There is also an option to close the account at the time of marriage after the girl child turns 18 (one month before or 3 months after marriage).
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Hindusthan Samachar / Dr. R. B. Chaudhary
