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Sukanya Samriddhi Account, a small savings scheme for girl child recently introduced by the Government of India, has emerged the hottest selling personal investment product in Mumbai City in the last few weeks, according to the Postal Department.
The Postal Department (also known as India Post), in a statement said, about 8,000 to 9,000 SSA accounts are being opened in Mumbai City every week.
The Mumbai Postal Region has taken up a special campaign to spread awareness about the scheme, India Post said.
Further, special campaigns are being organised by all Head Post Offices in Mumbai City, Thane District and Raigad District.
“Separate counters have been opened for the purpose. Special awareness camps will be organised in other public places and residential colonies shortly,” said the India Post statement.
India Post has operationalised an exclusive Toll Free Number 1800 22 3060 to provide information on the scheme on all working days from 8 am to 8 pm.
The Sukanya Samriddhi Yojana (Girl Child Prosperity Scheme) is aimed at helping the girl child get a fair share of the family’s resources and savings. It is designed to equip the family to meet the expenditure on the education and marriage of a girl child.
Under the Sukanya Samriddhi Yojana, an account can be opened in a girl child’s name by her parents or legal guardian. The account can be opened up to the age of 10 years only. For initial operations of the scheme, one year grace has been given.
An account can be opened for a girl child born on or after December 2, 2003. The extension of one year is admissible up to December 02, 2015 only.
Interest rate for the current financial year 2015-16 is 9.20 per cent against 9.1 per cent in the previous year.
The account may be opened with an initial deposit of Rs 1,000. The minimum contribution in any financial year is Rs 1000. Thereafter, the contributions can in multiples of Rs 100. Maximum contribution per financial year is Rs 1,50,000.
Contribution is acceptable for 14 years from the date of opening of account. Amount deposited under SSA is eligible for income tax exemption under Section 80C of Income Tax Act.
Half of the money in SSA can be partially withdrawn when the girl attains 18 years of age for the purpose of higher education or her marriage.
The SSA will mature after completion of 21 years from the date of opening of account.
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