- Date : 05/08/2022
- Read: 3 mins
‘Sukanya Samridhi Yojana’ (SSY) is a government scheme. The new major changes relate to account closure, third daughter account, revenge interest, and the age of operating the account.
Sukanya Samriddhi Yojana: If you are planning for your daughter’s future, then you should consider investing in government-run schemes. One such scheme is ‘Sukanya Samridhi Yojana’ (SSY) which has been launched by the Central Government. However, this scheme has undergone some major changes.
What is Sukanya Samridhi Scheme?
India has long suffered the problem of declining child sex ratio. To rectify this issue, the Government of India launched a social campaign by the name of Beti Bachao Beti Padhao (BBBP). The main aim of this scheme is to ensure the safety and education of the girl child. This is a national initiative jointly maintained by various ministries of the Government. The Sukanya Samridhi Yojana is a part of BBBP.
Related: Sukanya samriddhi vs PPF
Now let us learn about the new rules here.
- Account closure rule
There is a provision that a ‘Sukanya Samriddhi Yojana’ account may be closed due to either change of residence or death of the daughter. As per the new change, a life-threatening disease or sickness shall now also be included in this. Moreover, the closure of the account can take place in the case of the guardian’s premature death.
- Third daughter account
Previously, the account of two daughters was eligible for tax exemption benefit under 80C. However, now, if two twin daughters follow an elder daughter, then a third daughter account shall be opened as well. This means both twin daughters will be eligible for an account as well as the elder daughter.
- Revenge interest rule
There is a provision in the Sukanya Samriddhi Yojana to deposit a minimum of INR 250 in the account annually. The maximum amount here can be INR 1.5 lac. Previously, if the deposit of the minimum amount was in default, the account would also be defaulted. However, now the interest will continue to be paid even if the account is not activated again. The rate of this interest would be that which is applicable on the amount deposited in the account until the date of maturity.
- Age for operating the account
Under the new rules, daughters shall not be handed the operation of the account before 18 years of age. The guardian will operate the account till this age. This was not the case previously.
Note: As per the new rules, there has been a removal of the provision of reversing the wrong interest in the account. Other than this, there shall be crediting of the annual interest of the account at every financial year’s end. To know about other government schemes, read this article Government Health Insurance Schemes and Social Welfare Schemes.