In a bid to
generate more interest among people in opening Selvamagal Semippu accounts
(SSA- செல்வ மகள் ) in the names of their daughters, the postal department has relaxed
certain norms.
Now, people
can pay deposits for 15 years towards SSA from the time of opening of the
savings account. Earlier, it was restricted to 14 years. At present, long-term
saving schemes like Public Provident Fund scheme too accept deposits for 15
years. The SSA scheme was launched in February last year for the welfare of
girl children. Currently, there are over 12.34 lakh accounts across the State,
with nearly 4.38 accounts in Chennai city.
Restrictions
on withdrawal were a hitch in attracting more investors to the scheme.
Customers could opt for partial withdrawal only when the applicant turned 18
years old. Now, account holders can withdraw up to 50 per cent of the balance
accrued till the previous financial year for higher education once the girl
child completes class X.
Officials
of postal department said the account holder had to produce documentary proof
like fee receipt to withdraw from their balance, including an option of
withdrawing in five instalments. People will have to pay a minimum of Rs.1,000
to avoid penalty charges. However, depositors in SSA have to wait for 21 years
for the amount to mature. They also have an option to close the account one
month before or three months after the wedding date.
Another
norm relaxed now is the option for premature closure after five years of
opening the account in case of medical expenditure of account holder or death
of guardian. “There has not been any dip in new accounts because of the
reduction in interest rate and it continues to be one of the popular savings
scheme. On an average, nearly 18,000 SSAs are being opened in the city post
offices. Nearly Rs. 324 crore has been deposited through SSA so far,” said an
official.
Source : http://www.thehindu.com/
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