Salient features including Tax Rebate

 

  • A legal Guardian/Natural Guardian can open an account in the name of Girl Child.
  • A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
  • An account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
  • If minimum Rs 1000/- is not deposited in a financial year, an account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for a deposit for that year.
  • Partial withdrawal, maximum up to 50% of the balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
  • An account can be closed after completion of 21 years.
  • The normal Premature closure will be allowed after completion of 18 years /provided that girl is married.

 

Interest payable, Rates, Periodicity etc.

 

Rate of interest 8.3% Per Annum(with effect from 1-07 –2017),calculated on yearly basis ,Yearly compounded.

 

Minimum Amount for opening of account and maximum balance that can be retained

Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year

 


 

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