Postal department savings scheme for male child to be launched

CHENNAI: The Department of Posts will launch a savings scheme in Tamil Nadu for the male child tomorrow on the lines of the successful Sukanya Samriddhi Account scheme, a top official said here today.

The proposal to create the ' Ponmagan Podhuvaippu Nidhi scheme was in the backdrop of requests from the public that a scheme similar to the Sukanya Samriddhi Account scheme be created, Chief Postmaster General Mervin Alexander said in an official release.

As per the scheme, an account for children below 10 years can be opened through a guardian while children above 10 years can open the account individually.

The interest for the current year is 8.7 per cent and interest earned would be exempted from income tax, he said.

Minimum deposit would be Rs 100 and the maximum be Rs 1.50 lakh.

"The scheme will be formally launched here tomorrow, he said.