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What is the Tamil Nadu Government's Selvamagal Semippu Thittam Scheme?

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Here's everything you need to know about the Department of Posts's scheme for the welfare of the girl child

Like most Indian states, Tamil Nadu has many schemes for its citizens, promoting social welfare, education, economic well-being, and so on. Selvamagal Semippu Thittam (SSA) is one such scheme by the Tamil Nadu Government designed for the future welfare of the girl child. 

Better known as Sukanya Samriddhi Yojana, SSA is a small savings scheme launched in 2016 by the Government of India's Department of Posts. The Tamil Nadu Government exclusively launched the plan for girl children under the Beti Bachao Beti Padhao campaign. Within the first month of its launch in Chennai, more than 50,000 accounts were opened under the scheme in the city alone.

Features of the Scheme

Let's look at some of the salient features of the scheme and how it benefits its citizens.

  • Parents or natural guardians of the girl child can open the account at a bank or the post office 
  • One household can enroll in the scheme for a maximum of 2 girl children.
  • Each girl child must be below 10 years of age.
  • The limits of deposits in the scheme are ₹500/ to 1,50,000 per year.
  • The scheme offers an attractive interest rate of approximately 9.1%, considered among the highest ones offered in the country 
  • The plan offers tax benefits under Section 80C – Income Tax Act, 1961
  • One can withdraw 50% of the deposit amount if the female child reaches the age of 18 years for higher education or marriage.
  • The scheme's maturity term is 21 years after opening the account or in the event of the girl child's marriage, whichever is earlier.
  • The deposit can be made at any time during the year.
  • Failing to make a deposit in a year leads to discontinuation of the account, which can be revived after paying a penalty of ₹50.  

The scheme offers an attractive interest rate of approximately 9.1%, considered among the highest ones offered in the country.

Documents to submit

To open an account, the parent or guardian must provide documentation such as:

  1. Proof of identity
  2. Proof of residence
  3. The child's birth certificate or school certificate

Selvamagal Semippu Thittam is a good option for long-term investments since it offers a higher interest rate. However, there have been periodic changes and updates in the scheme, and it is highly advisable to go through the terms and conditions of the scheme before enrolling.