Department of Posts offers special gift for children
Chennai: The Postal Department will provide a special gift pack to children who enroll in postal schemes on 13 and 14 November (Children's Day). To encourage saving habit among children, the gifts will be given to those opening Selvamagal Semipu Account (SSA) and Public Provident Fund Account.
The gift pack comprises first-day cover on former President A P J Abdul Kalam along with stamp cancellation and information brochure. The account can be opened in all post offices of Chennai and suburbs, including Tambaram and Kancheepuram.
SSA is an exclusive scheme for girl children. Parents or guardians of a girl child can open this account in the name of their girl child. The age limit for opening this account was initially 10 years, but this, however, got relaxed to 11 years then. Interest rate offered in this scheme is 9.1 per cent. This interest will be credited to the account directly.
The depositor is free to choose the way in which they need the interest. It may either be on a month on month basis, or they can collect it at the end of the deposit term. Following good patronage for 'Selvamagal Semipu,' the Department of Posts re-launched the Public Provident Fund scheme as 'Ponmagan Podhuvaippu Nidhi,' which is aimed at benefiting male children.
However, unlike 'Selvamagal Semipu', this scheme is meant for both male and female children. It differs from the 'Selvamagal Semipu' in another respect: there is no age limit for opening an account under this scheme and the minimum deposit period is 15 years. In a year, deposits between Rs 100 and Rs 1.5 lakh can be made and an interest of 8.7 per cent is offered.