Fixed Deposit For Newborns, This State Is Opening Rs 10,800 FD For A Newborn, Check Details – News18

Sikkim Chief Minister Prem Singh Tamang on Monday announced a new scheme under which the government will make a fixed deposit of Rs 10,800 in the name of a newborn.

FD stands for Fixed Deposit. It is a type of investment offered by banks and non-banking financial institutions (NBFIs) that allows you to invest a lump sum of money for a fixed period at a predetermined interest rate.

Addressing the ‘Jan Bharosa Sammelan’ in Soreng district, Tamang announced the ‘Sikkim Sishu Samriddhi Yojana’ ahead of the assembly elections in the state.

He said the fixed deposit will mature and the money can be withdrawn when the child turns 18.

The Himalayan state has the lowest population in the country at 6.10 lakh, according to the 2011 census. Tamang’s government has been taking a slew of measures to encourage couples to have more babies to fend off concerns over the aging population.

Among these are additional increments for government employees having two or three children, maternity leaves of one year for female government employees, and financial grants for non-working mothers.

“The low fertility rate among the local indigenous population is a matter of serious concern in Sikkim… We must do everything in our hands to reverse the process,” Tamang had said last year.

At the programme in Soreng, the CM said the nearly 25,000 temporary government employees who have completed four years in service will get the memorandum for regularisation on February 29 in Rangpo.

Earlier this month, the state cabinet had approved the regularisation of government employees and the restoration of the old pension scheme.

The CM also announced that Rs 48 lakh will be spent on the construction of homestays, which will create employment opportunities and boost tourism in the state.

(With PTI inputs)