Selvamagal Semippu Thittam Calculator
Posted by Dinesh onSelvamagal Semippu Thittam (Sukanya Samriddhi Yojana), is a savings scheme launched back in 2015 by the Department of Post Office, is growing popular as one of the higher interest earning savings schemes. Selvamagal Semippu Thittam is designed to provide a bright future for your girl child. It offers a high interest rate of 7.6% and tax benefits under 80c. This scheme enables guardians to open a savings account for their girl child with an authorised commercial bank or India Post branch.
Selvamagal Semippu Thittam Post Office Calculator
Formula:
A=P(1+r/n)^n
where,A = Compound Interest
P = Principal Amount
r = Rate of Interest
t = number of years
n = The number of times interest is compounded in a year
Selvamagal Semippu Thittam
Features
Attractive interest rate of 7.6%, that is fully exempt from tax under section 80C.
Minimum deposit Rs.250/- Minimum Rs.1,000 can be invested in one financial year
Maximum investment of Rs.1,50,000 can be made in one financial year
If the minimum amount of Rs 1000/- is not deposited in any financial year , a penalty of Rs 50/- will be charged
Deposits in an account can be made till completion of 14 years, from the date of opening of the account
The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage.
Passbook will be issued to customers.
If the beneficiary is married before maturity of account, account has to be closed.
To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
Eligibility
The account can be opened by the natural or legal guardian for a girl child of age below 10 years.
Natural or legal guardian of a girl child are allowed to open the account for two girl children only.
A depositor can open and operate only one account in the name of a girl child under the scheme rules.