SSY Update: Government Introduces Major Rule Change – Complete These Steps to Avoid Account Closure

Sukanya Samriddhi Yojana New Rule: If you are planning to invest in your daughter’s bright future, consider the Sukanya Samriddhi Yojana. This scheme is highly popular for securing the future of daughters.

After maturity, this scheme can provide your daughter with a substantial amount, which can significantly help with her education or marriage expenses. The rules of Sukanya Samriddhi Yojana are set to change in the new year. If you already have a Sukanya account, make sure to read this article carefully.

According to the new rules (SSY Update) only parents or legal guardians are allowed to operate the Sukanya account. If your daughter’s Sukanya account has been opened by someone who is not a legal guardian, you should transfer the account as soon as possible.

Failure to transfer the account may result in its closure. The new rules for the scheme have already been in effect since October 1, 2024.

Benefits of Sukanya Samriddhi Yojana: 

1. Benefits of Tax Rebate: The scheme offers tax rebates under Section 80C of the Income Tax Act, 1961, providing a financial advantage to account holders.

2. Higher Education and Marriage: Account holders can withdraw 50% of the balance for higher education or marriage once the girl child reaches the age of 18.

3. Irregular Payment/Revival: The account can be revived by paying a penalty of ₹50 per year along with the minimum specified amount for that year, offering flexibility for irregular payments.

4. Premature Closure: In cases of extreme compassionate grounds, such as medical emergencies involving life-threatening diseases or the depositor’s death, the account can be prematurely closed with authorization from the Central Government.

5. Long Tenure: The deposit has a tenure of 21 years from the account’s opening date, enabling long-term savings and wealth creation.

6. Compound Interest: Interest is calculated monthly, compounded annually, and credited to the account at the end of the financial year, ensuring substantial returns on investment.

7. Multiple Accounts: The scheme allows up to two girl children, or three in the case of twins, to be included in a single account, making it convenient for families with multiple girl children to avail themselves of the benefits.

Features Of Sukanya Samriddhi Yojana

• Age Limit: The account can be opened by a natural/legal guardian on behalf of a girl child until she attains the age of 10 years.
• Minimum and Maximum Deposit: The initial deposit is Rs.250 with subsequent deposits in multiples of fifty rupees, and the annual ceiling for deposits is Rs.150000 in a financial year, providing flexibility in deposit amounts.
• Tenure of Deposit: The deposit has a tenure of 21 years from the date of opening the account, ensuring long-term savings and growth.
• Maximum Period for Deposits: Deposits can be made for a maximum of 15 years from the date of opening the account, allowing for regular contributions over an extended period.
• Interest Calculation: Interest is calculated monthly and compounded annually.
• Withdrawal for Higher Education and Marriage: Account holders can withdraw 50% of the balance for higher education or marriage after the girl child attains the age of 18 years, offering financial support for important milestones.
• Premature Closure for Marriage: In the case of marriage of the girl child above the age of 18 years, the account can be closed by providing an affidavit and relevant proof of marriage, making it convenient for marriage-related expenses.