SSY Interest Rate: If you also invest in Sukanya Samriddhi Yojana keeping in mind the future needs of your beloved daughter, then this news is of use to you. The rules related to it are changed from time to time by the government. Apart from this, its interest rate is also reviewed every quarter. It is important for you to stay updated about all these.
The interest rate will be reviewed by the government on the quarter ending in June. However, this time there is less hope of any change in the interest rate. Investing under this scheme run by the government gives an interest of 8.2 percent per annum. You also get exemption from income tax under section 80C on investment in it. Let us know about the 5 major changes made in SSY in the last few years.
Under the rules of Sukanya Samriddhi Yojana (SSY), the provision of reversing the wrong interest credited in the account has been removed. Apart from this, the annual interest of the account will be credited at the end of every financial year. Earlier it was credited to the account on a quarterly basis.
Under the earlier rules, daughters could operate the account at the age of 10 years. But under the new rules, this has been changed. Under the new rules, daughters are no longer allowed to operate Sukanya Samriddhi account before the age of 18 years. Only the guardians will operate the account till the age of 18 years.
There is a rule to deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh annually in the Sukanya Samriddhi Yojana account. If you do not deposit the minimum amount, the account becomes default. Under the updated rules, if the account is not reactivated, the interest on the amount deposited in the account will continue to be paid at the applicable rate till maturity. Whereas earlier this rule was not there.
Based on the earlier rules of Sukanya Samriddhi, the account of two daughters was eligible for tax exemption under 80C. But now if you have a third daughter, then Sukanya Samriddhi Yojana (SSY) account can be opened on her birth also. Under this rule, there is a provision to open an account for two twin daughters born after the first daughter. In this way, a person can open an account for his three daughters.
Earlier, the account of ‘Sukanya Samriddhi Yojana’ could be closed on the death of the daughter or change of address of the daughter. But now the life-threatening disease of the account holder has also been included in it. The account can be closed prematurely even on the death of the guardian.
