The Sukanya Samriddhi Yojana Scheme (SSY), introduced by the Central Government, has undergone vital changes to ensure that girls do not face financial difficulties in the future.
Every parent needs to be aware of these changes, as they need to do so to be eligible for the SSY scheme. Read this article to understand the new rules that have been implemented.
Under the Sukanya Samriddhi Yojana scheme, deposits can range from Rs. 250 to Rs. 1.5 lakh per year. If their daughter is under ten years of age, parents should open an account in the name of the Sukanya Samriddhi Yojana.
The scheme requires deposits to be made for 15 years, after which the account will mature in another six years, totaling 21 years. Upon maturity, the amount invested will have grown threefold when considering the interest rates.
Additionally, the money invested in the Sukanya Samriddhi Yojana scheme is tax-exempt under Section 80C of the Income Tax Act, 1961, making it beneficial for the future of both the parent and their daughter.
To open an SSY account, one can do so at any post office or recognized bank. During the account opening process, meaningful information about the parent and the daughter must be provided, along with the submission of required documents.
Prime Minister Modi launched the Sukanya Samriddhi Yojana Scheme in 2015 to encourage parents to start saving for their daughters early, with their future in mind.
In this scheme, parents or legal guardians must make payments in the child’s name for 15 years. Only parents and legal guardians are permitted to manage the account until the daughter reaches 18, after which the daughter herself should manage it.
The central government has introduced a significant change in the provisions of the Sukanya Samriddhi Yojana scheme, effective October 1.
According to the new rule, the account in this scheme should only be opened and managed by the girl’s parents or legal guardian.
This means grandparents, relatives, or anyone else cannot open or manage the account. Please comply with this rule to avoid canceling the Sukanya account.
As per the new rule, if the Sukanya Samriddhi Yojana account is opened and managed by someone other than the girl’s legal guardian, it should be transferred to the girl’s legal guardian or parents. Failure to do so will result in the account being canceled.