New Delhi. There are many Small Savings Schemes in the country. These schemes give good returns and due to the government guarantee, there is no risk of losing money. Small savings schemes are very useful for those people who want to add money for the future by investing little by little. Many people also invest in Sukanya Samriddhi Yojana (SSY) to make a good fund by investing less money for daughter’s marriage or higher education.
This scheme is quite popular due to its giving better returns than other small savings schemes and bank FDs. At present, interest is being received at the rate of 7.6 percent per annum in Sukanya Samriddhi Yojana. Till now, in the Sukanya Samriddhi Yojana, the benefit of tax exemption under section 80C of the Income Tax Act was available only on the accounts of two daughters. There was no tax exemption in case of having a third daughter. But now the government has announced tax exemption on the third daughter’s account by changing the rules.
The advantage of the Sukanya Samriddhi Yojana account is that you can invest in it with very little money. You can also open an account by depositing a minimum of Rs 250 annually. In this, up to 1.5 lakh rupees can be deposited in a year. If the minimum deposit amount is not deposited in the year then the account becomes default. Even if the account is not active again, the amount deposited in the account continues to earn interest at the applicable rate till maturity.
Account can be closed even before maturity
According to a media report, under certain circumstances the account of Sukanya Samriddhi Yojana can be closed before maturity. But, there is a condition that the account can be closed only when it has been at least 5 years since it was opened. Under no circumstances can the SSY account be closed before 5 years.
Earlier the rule was that Sukanya Samriddhi Yojana could be closed on the death of the daughter or change of address. Now the government has changed the rules. Now even if the account holder has a serious illness, the account can be closed. The account can be closed before maturity even in the event of the death of the guardian.