Selva Magal Scheme Calculator: Interest Rate | Features

The government is India have already launched so many schemes and portals for the citizens to provide then numerous benefits, it can be scholarship scheme, marriage scheme, welfare portal and many more. And now, here is another latest scheme which is implemented by the Central Government, and the name of the scheme is Sukanya Samriti Yojana, which is also called Selva Magal Scheme Calculator. Under this scheme benefits as assistance aid will be provided to the girls, who belongs to the economically weak and could not afford help for their girl child education and marriages. In this article we have already mentioned all the important aspects regarding this scheme, its benefits, eligibility criteria, list of necessary documents, application procedure and many more information is available here.

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Selva Magal Scheme Calculator

The Central Government have initiated this beneficial and marvelious scheme program for the citizens of India, in which assistance aid will be provided by the government for girl child education and marriage. We all know that, around half of the population in India, cannot afford that must money for marriage of their girl child because of high demands in our society, and for education to provide them better education facilities in best institutes. So, keeping this whole situation in mind the Prime Minister of India Narendra Modi have announced this scheme and launched by the Central Government.

Selva Magal Scheme Calculator

Overview Details of Selva Magal Scheme

Name of the schemeSelva Magal Scheme Calculator
Also known asSukanya Samriti Yojana
Launched byPrime Minister of India, Narendra Modi
Managed byCentral Government
CategoryGovernment Scheme
BeneficiariesAll the Girls in India
Official websiteGiven below

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Objective of Selva Magal Scheme Calculator

With the help of this scheme, the government will be able to help all those girls in India who realy needed this opportunity for their education and for their marriages. All over India, so many families are poor and cannot afford so much money for their families to given them better life and opportunities in life, so the government of India have initiated this scheme program, in which financial help will be provided to all the needy and poor citizens of the state.

Interest Rate and Benefits

BenefitInterest Rate
Maximum Loan AmountRs. 50,000
Repayment Tenure5 years
Interest Rate4% per annum
Processing FeesNone
Prepayment ChargesNone
CollateralNot Required

Interest Calculation

Financial yearInterest Earned (in Rs)Closing Balance (in Rs)

Features of Selva Magal Scheme Calculator

  • This scheme is basically an investment scheme launched by central government and this scheme is safe and secure for all the citizens.
  • This is also a long-term investment scheme and to open an account in this scheme is also very easy.
  • And the account of the beneficiaries can be transferred anywhere in India.
  • Applicants can also subscribe through phone is also available for the beneficiaries.
  • Under this, the saved amount by the beneficiary will be used for the education and marriages of girls.

Services Available Under Selva Magal Scheme

  • Financial Assiatance
  • Free Education
  • Health Insurance
  • Women Empowerment Programs
  • Welfare Schemes

Eligibility Criteria

  • Under this scheme, only 2 girls from the family will be able to open an account.
  • This scheme is only available for girls, and only them can open an account under this scheme and save money.
  • This Selva Magal account can be open at the time of Girl child birth, which is necessary.
  • Under this, parents and guardians of the girl can open an account after 10 years.
  • In case, in first birth if the twin had born then, the other 3rd child can also eligible to open an account for fixed deposit.

Required Documents List

  • Date of Birth of Girl Child is necessary/
  • Identity Card of Parents or Guardians
  • Address Proof
  • SSA1 from should be filled and submitted by the Post Office bank

Procedure to Open an Account Under Selva Magal Scheme

  • In order to open this account, the form of SSA1 should be filled and must be submitted.
  • Under this form, the name of the girl child, parents name and guardians name should be mentioned.
  • And also KYC details of the parents and other necessary documents must be attached in the form.
  • And then you have to submit the form to the bank or post office, and after that the authorities will follow the further procedure and open the bank account.
  • Applicants can also get passbook for Selva Magal Scheme Calculator.

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