The central government has revised the interest rates on small savings schemes and post office savings schemes for the April-June quarter. Under which the interest rate on Sukanya Samriddhi Yojana has been increased to 8 percent.
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Linking KYC documents has been made mandatory for account holders investing in Sukanya Samriddhi Yojana to get interest rate and maturity amount. The Finance Ministry has made it mandatory for Sukanya investors to link their accounts with Aadhaar and PAN for financial monitoring and security of account holders. A deadline has also been announced for this, if the link is not made before the deadline, the Sukanya account may freeze.
Interest rate on Sukanya Samriddhi Yojana
The central government has revised the interest rates on small savings schemes and post office savings schemes for the April-June quarter. Under which the interest rate on Sukanya Sukanya Samriddhi Yojana has become 8 percent, which was earlier 7.6 percent. The Finance Ministry, while issuing a circular on March 31, 2023, has made it necessary to link the accounts of small savings schemes including all Sukanya investors with Aadhaar.
What is Sukanya Samriddhi Yojana
The Central Government had started Sukanya Samriddhi Yojana in the year 2015 under Beti Bachao-Beti Padhao Mission. In this scheme, the amount can be deposited for 15 years by opening an account in the name of the daughter. For Sukanya Yojana, the account of a girl child below 10 years of age can be opened. Parents can open Sukanya account for their daughter in the nearest bank or post office.
Deadline to link Aadhaar with Sukanya account
According to the Finance Ministry, if the investor of Sukanya Samriddhi Yojana has opened the account before 31 March 2023 and has not submitted his Aadhaar number to the accounts office, then he should submit the Aadhaar number to the concerned office within six months from 1 April 2023. Apart from this, the post office or bank where the account of Sukanya Samriddhi Yojana has been opened can also be linked by depositing Aadhaar. The last date for submission of Aadhaar is 30 September 2023. Sukanya account holders can also submit PAN along with Aadhaar.
What will happen if the Sukanya account is not linked to Aadhaar, according to the instructions of the Ministry of Finance, if the Aadhaar number is not linked to the Sukanya Samriddhi Yojana account within the given time limit, then the account will be frozen. In such a situation, the investor may have to face many problems.
The amount of interest payable will not be credited to the account of the Sukanya account holder. At the same time, even the Sukanya account holder will not be able to deposit the installment. Whereas, on maturity of Sukanya Samriddhi Yojana, the amount will not be transferred to the bank account specified by the account holder.
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