India Post's West Bengal circle to organise Sukanya Samridhdhi Mahotsav

The West Bengal Postal Circle under the Department of Posts is undertaking a special drive to encourage the opening of Sukanya Samridhdhi Account (SSA) under the Centre's ‘Beti Bachao Beti Padhao’ initiative introduced in 2014.

The drive, Sukanya Samridhdhi Mahotsav, will be held from August 22 to August 30, J Charukesi, chief postmaster general, West Bengal Circle, said Friday. "Women are performing exceptionally well in all fields of life. This scheme is beneficial for them. It offers a good rate of interest,” Charukesi added.

At present, deposits made under the scheme yield an annually compounded interest of 7.6 per cent. An account could be opened with a minimum amount of Rs 250, and thereafter deposits can be made in multiples of Rs 50. In a given financial year, a minimum transaction of Rs 250 is required. The maximum amount that can be deposited in a year is Rs 1.5 lakh. With a deposit period of 15 years, the amount matures at 21 years from the date of opening, or else after marriage, after the age of 18. Tax exemption under section 80C of Income Tax Act can also be claimed for the deposit.

Meanwhile, India Post Payments Bank (IPPB) – set up under department of posts, and the country’s first payments bank to receive scheduled bank status from RBI – has registered a strong performance in the regional circle. “During the financial year 2021-22, West Bengal Circle has achieved 207 per cent of the target allotted as IPPB revenue and stood at the top among all Circles,” a press communique shared by the regional circle states.

IPPB in association with leading private players in the insurance sector, is also offering different products, namely, accidental term cover at a low premium, an annuity product, protection plan, and group personal accident insurance policy.