New savings scheme for women now available at all local post offices

India Post has launched a new savings scheme only for women and girl children, and these can be had at the Post Offices in Mylapore, Mandaveli, R A Puram and Alwarpet ( Teynampet).

The Mahila Saaman Savings Scheme allows women and children, (no age limit here), to invest a minimum of Rs.1000 and a maximum of Rs.2 lakhs.

It matures in 2 years and earns a compound interest of about 7.5% , said a marketing officer at Mylapore Post Office.

The scheme can be closed after 6 months though the earnings may be lower.