For parents who have opened a Sukanya Samriddhi Yojana (SSY) account for their daughter, here is some good news. The government has made changes to the rules of the scheme which are planned to come into force from the 1st of October 2024. Non-compliance with these new regulations is likely to lead to the closure of the account. Here is a breakdown of changes and key information about the scheme:
Sukanya Samriddhi Yojana Benefits
SSY was launched in 2015 to ensure the financial security of girl children for their education and marriage. Any post office and bank can authorize opening an account with a minimum of ₹250 as a deposit by the parents or the guardian for 15 years of monthly savings. The account is considered mature when the girl is 21 and she gets the total amount plus interest.
SSY provides an enviable interest rate of 8.2% for the quarter of January-March 2024. For instance, if ₹1.5 lakh is invested annually for 15 years, the total amount that would be available at the end of each maturity period will be around ₹69,27,578. Further, under the provisions of Section 80C of the act, individuals benefit from an option of reimbursement of up to ₹ 1. 5 lakh per year as a tax deduction. The withdrawals are allowed up to 50% once the girl turns 18 but for educational purposes only.
Key Change
As per the new guidelines, if the account has not been opened in the SSY by the legal guardian like the parents it has to be transferred to the legal guardian by 01-10-2024. If it is not done, the account will be closed and this will be a permanent closure.
Conclusion
To maintain the smooth operation of the SSY account of your daughter, you should adhere to the new rules and transfer the account to the legal guardian if necessary. These changes enhance the management of the funds to protect the financial well-being of the girl child in the future.
Big changes for Sukanya Samriddhi Yojana! Transfer accounts to legal guardians by October. Learn more about these new changes!! Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
