Parents also get many benefits in this scheme. Let us tell you that this scheme gives higher returns than the Small Savings Scheme. Sukanya Yojana provides tax benefits under Section 80C of Income Tax. In today’s time, you can open a Sukanya account online by going to many banks.

Now the question arises that if a person has opened an account for Sukanya Samriddhi Yojana (SSY) in the post office, can he transfer it to the bank. We will answer this question below.

Can the account be transferred?

According to the rules of Sukanya Samriddhi Yojana (SSY), if the girl’s Sukanya account is opened in the post office, then it can be easily transferred to the bank. The process of transferring the account is quite easy.

How will the account be transferred

The process of transferring Sukanya account is quite easy. You have to go to the post office and get the account transferred.

To get the transfer done, you have to submit a request form. You will also have to attach some documents with this form. After submitting the request form, the post office will verify all the documents and prepare the transfer document. The post office will issue a draft paper with this document. The transfer document and draft paper will be sent to the bank account. After the bank accepts these documents, your account will be completely transferred.

This document is necessary

You will have to attach documents like SSY passbook, Aadhaar Card, PAN Card etc. with the request form.

keep these things in mind

• Post Office charges a nominal transfer fee for transferring accounts.
• You should keep a copy of the transfer document for future reference.
• It may take a few weeks for the account to be transferred. Keep this in mind while making your next investment.
• Know the process of account transfer in banks as well as post offices.

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In this scheme, one has to invest for 15 years. After this, one does not have to invest and withdrawal can be made after the daughter turns 18 years old. However, this scheme matures after the daughter turns 21 years old. If you are also thinking of getting this scheme done for your daughter, then please note that the age of the daughter should be less than 10 years. Currently, the government is offering an interest of 8.2 percent in this scheme.

In this scheme, one has to invest continuously for 15 years, so many times the question arises in the mind of the investor whether this scheme can be closed in between. We will tell you whether the scheme can be closed before maturity or not.
You can close the scheme earlier

According to the rules of Sukanya Samriddhi Yojana, this Sukanya account can be closed before maturity. This scheme is closed only in certain special cases.

• If the child’s legal guardian or parents die, the scheme can be closed midway. This scheme has a lock-in period of 5 years. In such a situation, the account can be closed only after 5 years.
• If the daughter gets a serious illness, then in this situation the guardian can close the account by submitting the documents related to the illness. This facility is also applicable after 5 years.
• If the daughter or the guardian has given up Indian citizenship, then the account is considered closed. In this situation, the investor gets only the investment amount. He does not get interest money. On the other hand, if the investor is only settled in another country but has Indian citizenship, then in such a case the account continues till maturity.

When can you do premature withdrawal

• If you need money for your daughter’s higher studies after she passes 10th standard, you can withdraw before maturity. In this, you can withdraw only 50% of the amount. For this withdrawal, you will have to submit proof related to higher studies.
• If the daughter dies before maturity, then the parents or guardian get the entire amount before maturity. In this, interest money is also received along with the investment amount.
• In this situation, the guardian has to submit the death certificate.
• If you marry your daughter at the age of 18, then you can withdraw only 50% of the amount from your Sukanya account. You can do this withdrawal one month before your daughter’s marriage or three months after her marriage.

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National Desk : Sukanya Samriddhi Yojana (SSY) is a small savings scheme run by the Indian government, which was launched in 2015 by Prime Minister Narendra Modi with the aim of providing financial security to daughters and meeting their future expenses. This scheme is part of the “Beti Bachao Beti Padhao” campaign and its main objective is to reduce the financial burden associated with the education and marriage of daughters.

Benefits of the scheme

Investing in SSY gives the benefit of tax exemption and also gives a good interest rate. Under the scheme, an account can be opened for a daughter up to the age of 10 years. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be invested annually in it. This scheme comes under the purview of tax exemption under Section 80C of the Income Tax Act 1961.

Interest Rate

The interest rate in Sukanya Samriddhi Yojana is fixed on a quarterly basis. For the period from July 2024 to September 2024, this rate is 8.2% per annum, which is received in the form of compound interest.

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Investment and Returns

If your daughter is 5 years old and you invest Rs 1.2 lakh annually (Rs 10,000 per month), you will get around Rs 55.61 lakh on maturity of the scheme after 21 years. Out of this, Rs 17.93 lakh will be your invested amount and Rs 37.68 lakh will be received as interest.

At the same time, if you invest Rs 1.5 lakh annually, then on maturity you will get Rs 69.8 lakh, in which Rs 22.5 lakh will be the invested amount and Rs 47.3 lakh will be received as interest.

Lock-in Period

The lock-in period of SSY is 21 years. For example, if the account is opened at the age of 5, it will mature at the age of 26. This scheme is a long-term investment option, which not only promotes financial discipline but also provides a large sum to the daughter on maturity.

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The post Post Office Scheme: Get Rs 37.68 lakh by depositing Rs 10,000 in this govt scheme! Know full Details first appeared on Rightsofemployees.com.