In fact, the Department of Economic Affairs of the Ministry of Finance has recently issued new guidelines to regularize irregularly opened savings accounts under NSS.

The new rules, which will come into effect from October 1, 2024, are aimed at removing the errors found in opening the account. These guidelines also include updates related to accounts opened by grandparents under Sukanya Samriddhi Yojana.

Transfer Sukanya Samriddhi Yojana account from grandparents to parents

According to the new rules, such accounts which are not opened by the girl’s parents or legal guardian will now have to be mandatorily transferred to the name of the parents or their legal guardian as per the new guidelines. According to the new rules, only legal guardians or natural parents can open and close accounts under Sukanya Samriddhi Yojana.

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To transfer Sukanya Samriddhi Yojana (SSY) account from grandparents to parents, you will need these documents:

Original account passbook: This is necessary as it contains all the necessary account details.

Birth certificate of the girl: It serves as proof of the girl’s age and the relationship of the guardian with the girl.

Certificate of guardianship of the girl: Birth certificate or other legal documents that establish the relationship of the guardian with the girl.

Identification proof of the new guardian: The new guardian of the girl will have to submit a government-issued identity card.

Application form : This form will be available at the post office or bank where the account is opened, it is necessary to fill it and submit it to start the transfer process.

Step-by-step process to transfer account:

• First of all, submit all the required documents including the identity proof of the current account holders (grandparents) and new guardians (parents).
• Then go to the branch where the account was opened.
• Get the guardianship transfer form from the bank or post office.
• Fill the form making sure that all the required columns are filled correctly, including the correct details of both grandparents (current guardians) and parents (new guardians).
• Make sure that both the existing account holder (grandparents) and the new guardian (parents) sign the transfer form. This step is necessary for authorization.
• Submit the signed transfer form along with all the supporting documents to the bank or post office.
• After receiving the form and supporting documents, the bank or post office staff will review your request and then start the verification process. Once the verification is complete, the new parent’s details will be updated in the account records.

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The post New rules for Sukanya Samridh schemes from 1st October you should know first appeared on Rightsofemployees.com.

Under the scheme, the guardian of any parent can open an account in the name of the girl child. If you have also started investing in Sukanya Samriddhi account in the name of your daughter, then you can find out the amount deposited in it online sitting at home.

How to check online balance of Sukanya Samriddhi account

If you also want to get information about the amount deposited in Sukanya Samriddhi account, then for that you will need user name and password. You get the facility of netbanking in it. Which you can use.

After logging in, your account number will appear on the dashboard. On the left side of the home page, you will see the option of account statement. Have to click on it. On clicking, the complete balance of the account will appear in front of you. On the basis of which information about how much money has been deposited in your account and how much interest has been received on it will also be revealed.

Along with checking balance, you can also get other information related to Sukanya Samriddhi account through online medium. Such as depositing installments online, transferring the account to another bank, transferring the amount to the girl child’s account when the account matures.

How much interest is received

Those who invest in Sukanya Samriddhi Yojana get 8 percent interest. To open an account in the scheme, the age of the girl child should be less than 10 years. In which investment is made continuously for 15 years. This is a joint account. In which when the age of the girl becomes 21 years then money can be withdrawn from the account. This scheme is completely tax free.

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By investing in this special scheme, your daughter will become a millionaire in 21 years. All you have to do is invest Rs 416 daily in this scheme. This Rs 416 for your daughter will later become a hefty amount of Rs 65 lakh for your daughter. With this, the expenses of your daughter’s education will also be easily removed.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is such a long-term scheme, by investing in which you can be sure about your daughter’s education and future. You do not even need to invest a lot of money for this. Many major changes are taking place in this plan. Under the new rules, the provision of reversing the wrong interest in the account has been removed.

Apart from this, the annual interest of the account will be credited at the end of every financial year. Earlier the rule was that the daughter could operate the account only after 10 years. But under the new rules, the daughter will not be allowed to operate the account before the age of 18. Prior to that, only the parent would continue to operate the account.

Now the account of the ‘third’ daughter can also be opened-

Earlier in this scheme, the benefit of tax exemption under 80C was available only on the account of two daughters. This benefit was not available on the third daughter. Under the new rule, if two twin daughters are born after one daughter, then there is a provision to open an account for both of them.

Interest rate will not change on default account-

Under this, it is necessary to deposit at least Rs 250 in the account annually. In case of non-deposit of this amount, the account is considered as default. But under the new rules, if the account is not activated again, then till maturity, interest will continue to accrue at the applicable rate on the amount deposited in the account. Earlier, the defaulted accounts used to earn interest at the rate applicable to the Post Office Savings Account.

Account can be closed before the stipulated time-

The account opened under Sukanya Samriddhi Yojana could be closed in the first two situations. First if the daughter dies and second if the address of the daughter’s residence is changed. But after the new change, the life-threatening illness of the account holder has also been included in it. The account can be closed prematurely even in the event of the death of the guardian.

The post Important news for the Sukanya Samriddhi Yojana account holder, Big Changes From Today first appeared on Rightsofemployees.com.