Sukanya Samriddhi Yojana: If you’re investing in the Sukanya Samriddhi Yojana (SSY) for your daughter’s future, important changes to the scheme are coming into effect from October 1, 2024. The government has made modifications to the account’s operation rules that parents and legal guardians need to be aware of.
New Rules for Account Management
As per the updated regulations, only parents or legal guardians are now permitted to operate a daughter’s Sukanya Samriddhi account. If an account has been opened by someone who is not the legal guardian, it must be transferred to the girl’s natural parents or legal guardian. Failure to do so could result in the account being closed.
This change primarily applies to Sukanya Samriddhi accounts opened under the National Small Savings Schemes. The modification aims to ensure proper management of funds invested in the name of the girl child.
Benefits of the Scheme
Currently, the scheme offers an attractive 8.2% interest rate for the July-September quarter of 2024, making it one of the most popular long-term investment options for securing a girl’s future. If parents invest Rs 1.5 lakh annually, they can accumulate approximately Rs 69 lakh by the time their daughter turns 21. Over the course of 15 years, this amounts to a total investment of Rs 22.50 lakh, with an interest return of Rs 46.77 lakh at the current interest rate.
Parents can open an SSY account for up to two daughters, and in special circumstances, such as when twins are born after the first daughter, an account can be opened for three daughters.
Additional Features and Tax Benefits
The Sukanya Samriddhi Yojana, launched by Prime Minister Narendra Modi in 2015, offers various tax benefits. Parents can claim tax exemptions of up to Rs 1.5 lakh annually under Section 80C of the Income Tax Act. Additionally, early withdrawals are allowed under specific circumstances, such as for education when the daughter turns 18.
The account requires a minimum deposit of Rs 250 annually, making it accessible to most families. This scheme continues to serve as a secure and high-yielding investment option for the financial future of young girls.
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