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Sukanya Samriddhi Scheme: Here are some new changes you should be aware of

Sukanya Samriddhi Yojana was launched in January 2015 to encourage savings for a girl child’s education.

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By Newsd
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Sukanya Samriddhi Scheme: Here are some new changes you should be aware of
Image credit: FinanceWikki

Sukanya Samriddhi Yojana is a saving scheme offered by the government as part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of the girl child. It provides income-tax benefit under section 80 C of the Income Tax Act,1961.

The scheme was launched in January 2015 to encourage savings for a girl child’s education. Till November, 2017 more than 1.26 crore accounts have been opened across the country in the name of the girl child, securing an amount of Rs 19,183 crore.

However, the Indian Government has made some new changes in the Sukanya Samriddhi Yojana.

Here are the new changes in the Sukanya Samriddhi Yojana you should be aware of:

  • Earlier, during a financial year, if Rs 250 was deposited in the Sukanya Samriddhi account, it directly went to the default account. Now, as per the new rule notified by the Government, the amount deposited in the default account will also be given the same interest as was fixed for the scheme.
  • Premature closure of SSY accounts can only be processed in case of death of the girl child or in some particular cases-
  1.  Medical treatment of the girl child against some life-threatening disease
  2. Death of the guardian
  • Under the new rule, the child will be able to operate her account after completion of 18 years of age. When the child is 18 years old, the guardian will have to submit the child’s documents to the post office. Earlier, the government had fixed this age of 10 years.

The minimum annual contribution to the Sukanya Samriddhi Account is Rs 250 and a maximum of Rs 1.50 lakh in a financial year. The account holder has to invest at least the minimum amount every year for up to 15 years from the date of account opening. Thereafter the account will continue to earn interest till maturity.

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