Account under this scheme in the name of a child can be opened until he/she is 10. Monthly installments are to be deposited like other saving scheme for 10 or 15 years to get stipend for next 6 years out of deposit and interest accumulated. Salient features of the account are as under: Deposits to be made for 15 years if the account is opened within 3 years of the birth of a child. Deposits to be made for 10 years if it is opened after 3 years of age. After maturity monthly stipend will be paid for next 6 years as per schedule to the credit of ward’s account. Deposit can be withdrawn at a time by the guardian before or after maturity.