SSY - Sukanya Samriddhi Yojana rules have changed, know their complete details

Are you one of those people who invest part of their earnings in small savings schemes like Sukanya Samriddhi Yojana, Public Provident Fund (PPF), or National Savings Scheme (NSS), then there is an important news for you. If reports are to be believed, the rules of all these schemes have changed, let's know about them-

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana (SSY) was launched by Prime Minister Narendra Modi on January 22, 2015 in Panipat, Haryana under the Beti Bachao Beti Padhao campaign. It offers an attractive interest rate of 8.2% per annum, which is tax-free under Section 80C of the Income Tax Act.

Under this scheme, you can invest a minimum of ₹ 250 and a maximum of ₹ 1,50,000 per year. Failure to deposit even a minimum of ₹250 in a financial year may attract a penalty of ₹50.

New Rules for Sukanya Samriddhi Yojana

Account Limits: If a family opens more than one Sukanya Samriddhi account, it will be considered a violation of the scheme guidelines and the additional accounts may be closed.

Account Transfer: In cases where accounts are opened by grandparents, the funds will be transferred to the rightful account holder or their legal guardian as per guardianship laws.

Investment Period and Withdrawal Terms

Investment Period: You can continue investing in Sukanya Samriddhi Yojana for up to 14 years from the date of opening the account.

Account Maturity: The account will mature 21 years after the date of opening. However, if the account holder gets married before the age of 21, the account will no longer be active.

Withdrawal for Education and Marriage: You can withdraw funds from the account to meet expenses related to higher education and marriage, as per the scheme rules.