Rules of Sukanya Samriddhi Yojana changed, know how safe is your daughter's future

Sukanya Samriddhi Yojana Rule Change: Many schemes have been launched by the Government of India to secure the education of girls and their bright future, one of the important schemes is Sukanya Samriddhi Yojana. You should be aware that the government has made an important change in the Sukanya Samriddhi Yojana, which has become effective from October 1, 2024. This change will especially affect those families who are availing the benefits of this scheme.

what is the new rule

The Central Government has made a major change in the Sukanya Samriddhi Yojana, which is especially applicable for daughters. Now under this scheme only legal guardians will be eligible to open and operate an account in the name of the daughter.

If a girl’s Sukanya account has been opened by a person who is not her legal guardian, it will be mandatory to transfer the account in the name of the legal guardian. Failure to do so may result in the account being closed.

If the account under Sukanya Samriddhi Yojana has been opened by grandparents, uncles, aunts or maternal grandparents, then that account will be closed from October 1. To save the account from closure, it will be mandatory to transfer it in the name of natural parents or legal guardian. This means that such old accounts will have to be transferred to the parents’ name.

These documents will be required

To transfer the account under Sukanya Samriddhi Yojana, first of all you have to go to the post office or bank where the account was opened.
After that the birth certificate of the child
Identity card of parents or legal guardian (Aadhar Card, PAN Card)
Residence certificate of guardian (Ration Card, Voter ID, Passport)
Passport size photo of the account opener
.Aadhar Card of the child (if available)
Bank passbook or post office account details
.Sukanya Samriddhi Account Number and Related Documents
Nominee information
Proof of legal guardianship (if not a parent)
Form-1 (Application form for opening account)
After this, the bank or post office staff will review your transfer request and start the verification process. Once verification is complete, the account record will be updated with the new guardian’s information.

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Account can be opened with Rs 250

Sukanya Samriddhi Yojana (SSY) Account Opening Process It is simple and can be opened at any authorized post office or bank branch. Here are the steps required to open an account:

1. Qualification Check:

The account can be opened only in the name of the girl child, and her age should be less than 10 years
Accounts can be opened for a maximum of two daughters in a family (third daughter may also be allowed in special circumstances)

2. Prepare Documents:

Birth certificate of the girl child.
Identity proof of guardian (Aadhar Card, PAN Card, Voter ID)
Residence certificate (ration card, electricity bill, etc.).
passport size photo
Aadhar card of the girl child and guardian (if available).

3. Application in Bank or Post Office:

By going to the nearest post office or bank Sukanya Samriddhi Yojana account opening form Get it or download it online
Fill the form correctly and submit it with required documents

4. Minimum Deposit Amount:

To open an account you will have to deposit a minimum of ₹250. You can deposit a maximum of ₹1.5 lakh in a financial year

5. Bank/Post Office Procedure:

Once the verification process of the submitted documents and forms is completed, your account will be opened and you will be given a passbook containing all the information about your account

6. Operation of Account:

Deposit into the account regularly. The account is valid for 21 years or until the girl child gets married after the age of 18 years.
You can make partial withdrawal for higher education of girl child after she turns 18

After completing this process, you can open an account under Sukanya Samriddhi Yojana and secure your daughter’s future.

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Sukanya Samriddhi Yojana (SSY) interest rate

The interest rate of Sukanya Samriddhi Yojana (SSY) is determined every quarter by the government. Currently, the interest rates of the scheme are 8.2% per annum in 2024.

This interest rate is quite attractive compared to other savings schemes, and keeps increasing on the basis of compound interest till the maturity of the account.

The interest rate may change from time to time, so it is important that you keep an eye on government notifications for the latest information.

Maturity of Sukanya Samriddhi Yojana (SSY)

The maturity period of Sukanya Samriddhi Yojana (SSY) is 21 years from the date of account opening.

Some important points related to maturity:

account period: The account lasts for 21 years from the date of opening, or when the daughter gets married after the age of 18 years, the account can be closed.
period of deposit: into your account for the first 15 years Money has to be deposited regularly (from the day of account opening). After this, no deposits are required, but the account continues to earn interest for 21 years.
partial withdrawal: After the daughter completes 18 years of age, you can withdraw it from the account. amount up to 50% Can be withdrawn for his higher education or other important expenses.
premature closure: The account can also be closed prematurely after 5 years in some special circumstances (like serious illness, premature death).

amount on maturity

At the time of maturity, the account holder is paid the entire amount deposited along with the interest earned on it, which is tax-free.

Objective of Sukanya Samriddhi Yojana (SSY)

The main objective of Sukanya Samriddhi Yojana (SSY) is to provide financial security for the education of girl children in India and their bright future. Through this scheme, parents or guardians can open a protected savings account for daughters, so that money can be collected for their education, marriage, and other important expenses.

Promotion of girls’ education: The aim of this scheme is to motivate parents to save for the higher education of their daughters, so that financial obstacles do not come in the way of their education.

Financial assistance for the marriage of girls, providing financial help to secure the future of the daughter on an important occasion like marriage, so that the parents do not face shortage of money.

Financial security for the girl child, saving for daughters under this scheme gives families a safe investment option for their future, which is beneficial in the long run.

Promoting Gender Equality This scheme for daughters was launched under the “Beti Bachao, Beti Padhao” campaign, which aims to empower and strengthen the status of daughters in the society.

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Sukanya Samriddhi Yojana Calculator: Calculate Returns for Free

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) is a savings scheme launched by the Government of India to secure the future of daughters. Its objective is to provide financial security for the daughter’s education and marriage.

When can an account be opened under this scheme?

This account can be opened when the girl child is 10 years of age or less. The account can be opened any time from the birth of the girl child till the age of 10 years.

How many accounts can be opened in a family?

Accounts can be opened for a maximum of two girl children in a family. If the second child is a twin, the account can be allowed to be opened for the third daughter also.

What is the minimum and maximum deposit amount to open an account?

The minimum deposit amount to open an account is ₹250 and the maximum deposit amount can be up to ₹1.5 lakh per financial year.

What is the interest rate on Sukanya Samriddhi Yojana?

The interest rate on Sukanya Samriddhi Yojana is determined by the government on a quarterly basis. The current interest rates are 8.2% per annum through 2024.

How long does the account last?

The account lasts till the girl turns 21 years of age. However, the account can also be closed at the time of marriage of the girl child after she turns 18 years of age.

Can partial withdrawal be made from the account?

Yes, after the girl child completes 18 years of age, partial withdrawal of up to 50% can be made from the account for her higher education or other necessary expenses.

Are there tax exemptions on Sukanya Samriddhi Yojana?

Yes, the amount deposited under Sukanya Samriddhi Yojana gets tax exemption under Section 80C of the Income Tax Act. Apart from this, the interest received and maturity amount are also tax free.

What to do if you want to close your account prematurely?

The account can be prematurely closed after 5 years in certain circumstances (e.g. serious illness, death). For this, necessary documents and reasons have to be submitted.

What if the account is not in the name of a legal guardian?

If the account is not in the name of the legal guardian, then it will have to be transferred to the name of the legal guardian before October 1, 2024, otherwise the account can be closed.

How long does interest accrue?

Interest on the amount deposited in the account will continue till the account matures (up to a period of 21 years). Despite partial withdrawal after 18 years, interest will continue to be earned on the remaining amount.

How much amount will you get on maturity?

On maturity, the entire amount deposited in the account and the interest earned on it goes to the girl child, tax-free.

What happens if the girl child dies?

In the event of death of the girl child, the account can be closed, and the deposited amount is returned to the guardians or nominee along with interest.

Is there any penalty on irregular deposits in the account?

If you do not deposit the minimum annual amount (₹250) in the account, the account may become inactive. To reactivate it, you will have to pay a fine of ₹50 and a minimum amount.