Description : This is a savings account scheme for the girl child with higher rate of interest of 8.2% with exemption from Income Tax on investment. The scheme is only for girl children and up to only 2 girl children of same parents, except if it is a triplet. The bank/post office account can be opened in the name of a parent or guardian of the child till the child is 10 years old, following which, the account can be opened in the child’s name itself. Money can be withdrawn after the girl passes 10th Std or reaches age of 18. The deposit will mature after 21 years from the date of account opening or at the time of marriage of girl child after attaining age of 18years. (1 month before or 3 month after date of marriage).Eligibility : 1. The account can be opened for a girl child under the age of 10.Process : 1. The applicant needs to visit the nearest post office or any of the following banks- State Bank of India, State Bank of Mysore, State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner & Jaipur, State Bank of Patiala, Vijaya Bank, United Bank of India, Union Bank of India, UCO Bank, Syndicate Bank, Punjab National Bank, Punjab & Sind Bank, Oriental Bank of Commerce, Indian Overseas Bank, Indian Bank, IDBI Bank, ICICI Bank, Dena Bank, Corporation Bank, Central Bank of India, Canara Bank, Bank of Maharashtra, Bank of India, Bank of Baroda, Axis Bank, Andhra Bank, and Allahabad Bank. 2. Applicant can open the account by submitting a KYC document (One proof of identity and one proof of address) along with other documents mentioned in the form. 3. The applicant has to deposit ₹ 250 through cash or cheque, as the initial amount. 4. For the following 14 years, s/he has to deposit between ₹ 250 to ₹ 150000. After that, the account will only accumulate interest. 5. The account will accumulate the deposits and 8.2% of an interest rate on the deposit. 6. The account will mature and the money will be paid to the girl child either after 21 years from opening the bank account or when the girl gets married (should be 18 years and above), whichever occurs earlier.
NOTE : (i)The scheme is only for girl children and up to only two girl children of the same parents, except it is a triplet. (ii)The bank/post account can be opened in the name of a parent or guardian of the girl child until the child is 10 years old. (iii)Premature withdrawal is allowed up to 100% of the amount, which can be withdrawn only by the girl after she is 18 years old.Benefit : Opening a bank account for the girl child below 10 years age at 8.2% Interest rate