Are you also investing in Sukanya Samriddhi Yojana keeping in mind the future of your beloved. If yes, then it is important to keep you informed about the changes taking place in it.
The government is expected to announce an increase in the interest rate on the quarter ending September. The scheme, run for the daughters of the center, currently has an interest rate of 7.60 percent. By investing in it, you also get exemption from income tax under section 80C. Let us know about the 5 major changes in SSY.
Under the new rules of Sukanya Samriddhi Yojana, the provision of reversing the wrong interest 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 quarterly basis.
Under the earlier rules, the daughter could operate the account in 10 years. But this has been changed in the new rules. Now daughters are not allowed to operate the account 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 annually and a maximum of Rs 1.5 lakh in the account of Sukanya Samriddhi Yojana. The account defaults if the minimum amount is not deposited. Under the new rules, if the account is not activated again, interest will continue to be paid at the rate applicable on the amount deposited in the account till maturity. It was not like this before.
Earlier, the benefit of tax exemption under 80C was available only on the account of two daughters. But now the account of Sukanya Samriddhi Yojana can be opened even on the birth of the third daughter. Actually, now 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 three daughters.
The account of ‘Sukanya Samriddhi Yojana’ could be closed earlier on the death of the daughter or change of residence of the daughter. But now the life-threatening illness of the account holder has also been included in this. The account can be closed prematurely even in the event of the death of the guardian.
