If you are a fan of small savings schemes, there is some good news from the Finance Ministry for you. They have presented six new rules, which are related to the National Savings Scheme, Public Provident Fund (PPF), and Sukanya Samriddhi Yojana (SSY). So here is what is new, especially for the SSA:
1. Guardianship Changes: If the Sukanya Samriddhi Account Yojana was opened by grandparents with custody but the grandparents were not the legal guardians, the SSY will now pass to the natural parents or legal guardians according to the new rules.
2. Account Limits: If you have more than two accounts in the name of your family, the extra accounts will be frozen because it is a violation of the SSA rules.
Sukanya Samriddhi Scheme
The Sukanya Samriddhi Scheme is a special plan for daughters with an interest rate of 8.2%. It is also tax-free under Section 80C of the Income Tax Act. You can invest as low as ₹250 and as high as ₹1,50,000 every year. In case you fail to deposit any amount of ₹250 or more within a financial year, you have to pay a penalty of ₹50.
How long can you invest and when can you withdraw?
You can continue contributing money to the account for up to 14 years starting from the time you create the account. It takes 21 years for it to mature. However, if the account holder gets married before attaining the age of 21, the account cannot be accessed after marriage. You can also make partial withdrawals for expenses like education and marriage.
Altogether, these updates assist in the better management of SSA accounts and guarantee compliance with the rules by all parties. Keeping up with the latest trends will further enable you to maximize your savings!
The Finance Ministry recently announced some new updates regarding the Small savings schemes, especially the Sukanya Samriddhi Scheme. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
