Sukanya Samriddhi Yojana: Many changes have been made in the scheme. The investment age limit has also been increased in this. One can invest in the scheme for good interest and tax free income on maturity. But, the rules have to be read carefully.
Sukanya Samriddhi Yojana (SSY) is a good option for investment to make the future of daughters financially strong. There are many great features in the plan, which benefit your wealth. Recently, the government had made a lot of changes regarding the scheme. If you have also opened an account in the name of your daughter or are thinking of opening it, then you should definitely know the changes made.
Benefits of Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana: There are various schemes to meet the future needs of the children. There is a ‘Sukanya Samridhi Yojana’ in this. This scheme is for daughters, on which the government is giving 7.60 percent interest (Sukanya Samriddhi Yojana Interest rate) annually. The interest in the scheme is fixed quarterly. Tax exemption is available under section 80C of Income Tax. The amount deposited in the account, interest earned and maturity amount is tax free. You can invest a maximum of Rs 1.50 lakh for income tax exemption.
First change- Account in the name of three daughters
In the Sukanya scheme started by the Modi government, till now only two daughters’ accounts were eligible for tax exemption under 80C. There was no tax exemption in case of having a third daughter. But, now the rules have been changed. If one daughter is followed by two twin daughters, then a provision has been made to open an account for both of them as well. Means money can be deposited in the name of three daughters simultaneously in Sukanya Samriddhi Yojana and can claim tax exemption on it.
Second change- Interest will be available even if it is deactivated
It is necessary to deposit a minimum of Rs 250 annually in the scheme. Maximum one and a half lakh rupees can be deposited in a year. But, often people forget to deposit the minimum amount. After which the account goes into the default category and interest is also stopped on it. There is a facility to activate the account again with penalty. But, now in the new rules, if the account is not activated again, interest will continue to be paid on the amount deposited in the account till maturity. It was not like this before.
Third change- Age limit increased from 10 to 18
Till now the daughter could operate the account at the age of 10. But after the changed rules, now daughters will not be allowed to operate the account before the age of 18. That means for 18 years only the guardian or parents will operate the account. The account will be handed over to the daughter when she turns 18.
Fourth change- Wrong interest will no longer be refunded
In the existing rules, if the wrong interest was credited in the account, it was withdrawn. But, now this will not happen. In the changed rules, the provision to withdraw interest after it is credited has been removed. Meaning once interest is paid, it cannot be withdrawn again. Interest in the account will be credited at the end of every financial year.
Fifth change- Terms of account closure changed
In ‘Sukanya Samriddhi Yojana’, the account could be closed on the death of the daughter or change of address of the daughter. But, now the condition of the account holder having a fatal disease has also been included in it. The account can be closed prematurely even in the event of the death of the guardian.