A recent information released by the Postal Department has stated that if you make a mistake, then all these accounts will be frozen.

If you also invest money in small savings schemes like Sukanya Samriddhi Yojana, Public Provident Fund, National Savings Scheme and Senior Citizen Savings Scheme, then be careful. A recent information released by the Postal Department has stated that if you make a mistake, all these accounts will be frozen. After this, you will not be able to withdraw your money nor will you be able to do any transaction from that account. What kind of rule is this and if the account is frozen, how to reactivate it, the Postal Department has also given information about this.

The information released by the Department of Posts has stated that such accounts opened under small savings schemes which have not been extended even after 3 years of their maturity. This means that if three years have passed since the maturity of these accounts and these accounts have not been extended for reinvestment or money has not been withdrawn from them or these accounts have not been closed, then the department will freeze such accounts. After this, the account holder will not be able to withdraw money from it even if he wants.

Why was such a step taken?

The Postal Department says that even after the maturity, scammers keep an eye on accounts without any transactions for a long time. This step is being taken to protect these accounts so that illegal withdrawals cannot be made from frozen accounts. The department said that this process will now be implemented twice every year so that the hard-earned money of investors can be protected. In such a situation, investors of small savings schemes should also remember that within 3 years of maturity, either withdraw your money or reinvest.

Which accounts are under scrutiny…

The Postal Department is keeping a close eye on accounts that are opened under small savings schemes. These include accounts like PPF, Sukanya Yojana, NSC, RD, Fixed Deposit, Monthly Income Scheme, Kisan Vikas Patra, Senior Citizen Savings Scheme. Once these accounts are frozen, their account holders will neither be able to withdraw money from them nor transfer it online. This means that there will be a complete ban on any kind of transaction.

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The government launched this scheme for the purpose of financial security for all the daughters of the country. This scheme is for daughters up to 18 years, earlier this limit was only for daughters up to 10 years. If you also want to give a secure future to your daughters, then the best option for this is Sukanya Samriddhi Yojana. Let us tell you that if you make some mistake then there is also a fear of freezing your account.

This mistake can freeze.

Let us tell you that the government has made Aadhaar PAN link mandatory. The news of account freeze due to this mistake is also coming to the fore. Apart from this, it is necessary to submit PAN or Form 60 while opening an account for investment. All accounts opened under this scheme will have to be linked after March 31 by submitting Aadhaar and PAN related information to the post office. The last date for submission of Aadhaar and PAN is September 2023. However, it is believed that the government can extend this date.

What is the maturity period of the scheme

The maturity period of the account depends on the age at which you have opened the account of the girl child. Partial withdrawal facility is available when the girl child turns 18. That is, when the girl child turns 18, up to 50 percent of the amount can be withdrawn. Investors in a financial can avail themselves of tax exemption up to ₹1.5 lakh under the section 80C limit.

Where can the account be opened

Any investor can open Sukanya Samriddhi account in post office or any bank across the country. For this, the child’s birth certificate, identity and residence proof will have to be given.

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Interest rate on Sukanya Samriddhi Yojana

The interest rate on Sukanya Samriddhi Yojana along with other small savings schemes is determined by the government. For the July-September 2023 quarter, the government has continued the 8% interest rate on an annualized basis. Interest is calculated on the lowest balance in the account between the 5th day of the calendar month and the end of the month. Whereas, the interest is credited to the account at the end of each financial year.

What are the benefits of Sukanya Yojana?

The annual minimum investment in Sukanya Yojana is Rs 250, while the maximum investment is fixed at Rs 1,50,000. The tenure of Sukanya Yojana is 21 years. Under Section 80C of the Income Tax Act, the amount received on maturity along with the principal amount and interest is tax free.

Account can be transferred anywhere in India from post office or bank to another. At the same time, even after maturity, interest is earned if the account is not closed.

When does the account default and how will it be activated again?

Deposits are allowed after 15 years from the date of opening of Sukanya account. If the minimum deposit of Rs 250 is not deposited in a financial year then the account is said to be in default. Default accounts can be activated again before the completion of 15 years by paying a minimum penalty of Rs 50.

Withdrawal rules from Sukanya account

• The amount can be withdrawn from the account after the girl child turns 18 or completes 10th standard.
• Withdrawal is permitted up to 50% of the balance available at the end of the previous financial year.

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