Sukanya Samriddhi Yojana Rule Change: Many schemes have been started by the Government of India to secure the education of girls and their bright future, one of the important schemes is Sukanya Samriddhi Yojana.
You should be aware that the government has made an important change in Sukanya Samriddhi Yojana, which has become effective from October 1, 2024. This change will especially affect those families who are taking advantage of this scheme.
what is the new rule
The central government has made a big change in the Sukanya Samriddhi Yojana, which is especially applicable for daughters. Now under this scheme, only the legal guardians will be eligible to open and operate an account in the name of the daughter.
If a girl’s Sukanya Account is opened by a person who is not her legal guardian, then it will be mandatory to transfer that account to the name of the legal guardian. Failure to do so can lead to the account being closed.
If the account under Sukanya Samriddhi Yojana has been opened by grandparents, uncles, aunts or maternal grandparents, then that account will be closed from October 1. To save the account from being closed, it will be mandatory to transfer it to the name of natural parents or legal guardian. This means that such old accounts will have to be transferred to the name of the parents.
These documents will be required
- To transfer the account under Sukanya Samriddhi Yojana, first of all you have to go to the post office or bank where the account was opened.
- After that, the girl child’s birth certificate
- Identification proof of parent or legal guardian (Aadhaar card, PAN card)
- Parent’s residence certificate (ration card, voter ID, passport)
- Passport size photo of the account opener
- .Aadhaar card of the girl child (if available)
- Bank passbook or post office account details
- .Sukanya Samriddhi Account Number and Related Documents
- Nominee details
- .Proof of legal guardian (if there are no parents)
- Form-1 (Application form for opening an account)
- After this, the bank or post office staff will review your transfer request and start the verification process. Once the verification is complete, the account records will be updated with the new parent’s information.
You can open an account with Rs 250
The process of opening a Sukanya Samriddhi Yojana (SSY) account is simple and can be opened at any authorized post office or bank branch. Here are the steps required to open an account:
1. Eligibility Check:
- The account can be opened only in the name of the girl child, and she should be below 10 years of age
- Accounts can be opened for a maximum of two daughters in a family (in special circumstances a third daughter may also be allowed)
2. Prepare the document:
- Birth certificate of the girl child.
- Identity proof of guardian (Aadhaar card, PAN card, Voter ID)
- Residence Certificate (Ration Card, Electricity Bill, etc.).
- Passport size photograph
- Aadhaar card of the girl child and guardian (if available).
3. Apply at Bank or Post Office:
- Get the Sukanya Samriddhi Yojana account opening form by visiting the nearest post office or bank or download it online
- Fill the form correctly and submit it along with the required documents
4. Minimum deposit amount:
- You need to deposit a minimum of ₹250 to open an account. You can deposit a maximum of ₹1.5 lakh in a financial year
5. Bank/Post Office Procedure:
- After the verification process of the submitted documents and form is completed, your account will be opened and you will be given a passbook containing all your account details
6. Operation of the Account:
- Make regular deposits into the account. The account runs for 21 years or until the girl child gets married after the age of 18
- You can make partial withdrawal for the girl child’s higher education after she turns 18
After completing this process, you can open an account under Sukanya Samriddhi Yojana and secure your daughter’s future.
Sukanya Samriddhi Yojana (SSY) Interest Rate
The interest rate of Sukanya Samriddhi Yojana (SSY) is determined by the government every quarter. Currently, the interest rates of the scheme are 8.2% per annum in 2024.
This interest rate is quite attractive compared to other savings schemes, and the account continues to grow on the basis of compound interest until maturity.
The interest rate may change from time to time, so it is important that you keep a track of government notifications for the latest information.
Maturity of Sukanya Samriddhi Yojana (SSY)
The maturity period of Sukanya Samriddhi Yojana (SSY) is 21 years from the date of opening the account.
Some important points related to maturity:
- Account Tenure : The account lasts for 21 years from the date of opening the account, or when the daughter gets married after attaining the age of 18 years, the account can be closed.
- Deposit period : You have to make regular deposits in the account for the first 15 years (from the day of opening the account). After this, no deposits are required, but the account continues to earn interest for 21 years.
- Partial Withdrawal : When your daughter turns 18, you can withdraw up to 50% of the amount from the account for her higher education or other important expenses.
- Premature Closure : The account can be closed prematurely after 5 years under certain circumstances (like serious illness, premature death).
Amount on Maturity
At the time of maturity, the account holder is paid the entire amount deposited along with the interest accrued on it, which is tax-free.
Objective of Sukanya Samriddhi Yojana (SSY)
The main objective of Sukanya Samriddhi Yojana (SSY) is to provide financial security for the education and bright future of girl children in India. Through this scheme, parents or guardians can open a protected savings account for their daughters to accumulate funds for their education, marriage, and other necessary expenses.
- Promotion of girl child education: The scheme aims to encourage parents to save for their daughter’s higher education so that there are no financial hurdles in pursuing their education.
- Financial assistance for the marriage of girls: To provide financial help to secure the future of the daughter on the important occasion like marriage, so that the parents do not have to face the shortage of money.
- Financial security for girl children: Saving for daughters under this scheme gives families a secure investment option for their future, which yields benefits in the long term.
- Promoting gender equality, this scheme for daughters was launched under the “Beti Bachao, Beti Padhao” campaign, which aims to empower and strengthen the position of daughters in the society.
