Are You Also Investing In Sukanya Samriddhi Yojana Keeping Your Loved One’s Future In Mind ?
If yes, it is important to keep you informed about the changes taking place in it.
The government is expected to announce an interest rate hike in the quarter ending. The scheme, run for daughters of the centre, currently has an interest rate of 7.60 per cent. Investing in it also exempts you from income tax under Section 80C. Let’s know about 5 major changes in SSY.
Under the new rules of Sukanya Samriddhi Yojana, the provision of refund of wrongful interest in the account has been removed. Apart from this, annual interest will be credited to the account at the end of every financial year. Earlier it was credited to the account on quarterly basis.
- Under earlier rules, a daughter could operate an account within 10 years.
- But this has been changed in the new rules. Now daughters are not allowed to operate accounts before the age of 18 years.
- Only the guardian will operate the account till the age of 18 years.
There is a provision to deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh per annum in the Sukanya Samriddhi Yojana account. If the minimum amount is not deposited, the account defaults. Under the new rules, if the account is not reactivated, interest will continue to be paid on the amount deposited in the account till maturity at the applicable rate. This was not the case before.
- Earlier, the benefit of tax exemption under 80C was available only on account of two daughters.
- But now Sukanya Samriddhi Yojana account can be opened even on the birth of third daughter.
- In fact, there is now a provision to open the account for two twin daughters born after the first daughter.
- In this way one can open an account for three daughters.
‘Sukanya Samriddhi Yojana’ account can be closed earlier on death of daughter or change of residence of daughter. But now the fatal illness of the account holder has also been included in it. The account can also be closed prematurely in case of death of the guardian.