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Sukanya Samriddhi Yojana-The Changes You Need to Know

Sukanya Samriddhi Yojana-The Changes You Need to Know.

The Sukanya Samriddhi Yojana is a saving scheme that was launched by the Indian government in 2015. It is a part of the Beti Bachao Beti Padhao initiative and is aimed at providing financial security to the girl child. The scheme allows parents to open an account in the name of their daughter and make deposits every year till she turns

The scheme has been quite successful and has garnered a lot of interest from parents who want to ensure a bright future for their daughters. However, there have been some changes to the scheme recently, and it is important for parents to be aware of these changes.

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Sukanya Samriddhi Yojana:

The Changes to Sukanya Samriddhi Yojana Are as Follows:

1. The interest rate on Sukanya Samriddhi Yojana accounts has been reduced from 9.2% to 8.4%.

2. The maximum deposit limit has been reduced from Rs. 1,50,000 to Rs. 1,00,000.

3. The age limit for opening a Sukanya Samriddhi Yojana account has been increased from 10 years to 18 years.

4. The age limit for making deposits has been increased from 21 years to 30 years.

5. The account can now be opened in any post office or bank, and not just in a designated post office.

6. The account can now be transferred from one post office or bank to another.

7. The account holder can now make partial withdrawals from the account.

8. The account holder can now avail of a loan against the account.

9. The account holder can now choose to close the account before maturity.

10. The account holder can now avail of a grace period of 5 years for making deposits.

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If you are a parent who is looking to open a Sukanya Samriddhi Yojana account for your daughter, then it is important for you to be aware of the changes that have been made to the scheme. You can visit the website of the Ministry of Women and Child Development to get more information on the scheme.

How to Open Sukanya Samriddhi Yojana Account in Post Office?

You can open a Sukanya Samriddhi Yojana (SSY) account with a participating bank or a Post Office branch. You need to follow the below procedure to open the account:

  • Visit the bank or Post Office branch where you would like to open the account.
  • Fill up the application form with relevant details and provide supporting documents.
  • Pay the first deposit in the form of cash, cheque, or demand draft. The amount can be anything from Rs.250 up to Rs.1.5 lakh.
  • The bank or Post Office will process your application and payment.
  • Upon processing, your SSY account will be opened. A passbook will be issued for this account marking the initiation of the account.

How to open Sukanya Samriddhi Yojana account through banks?

You can open a Sukanya Samriddhi Yojana account either with a participating bank or a Post Office branch. It is more convenient for you to open an SSY account with the bank where you already hold a savings account if it is one of the participating banks.

You can visit the respective banks’ websites to download the SSY Account Opening Application Form. You need to fill the form and submit it to the participating bank to open the SSY account. The participating banks are:

  • State Bank of India
  • Allahabad Bank
  • Andhra Bank
  • Punjab and Sind Bank
  • Bank of Baroda
  • Canara Bank
  • Bank of India
  • Bank of Maharashtra
  • Corporation Bank
  • Central Bank of India
  • Indian Overseas Bank
  • Dena Bank
  • Indian Bank
  • UCO Bank
  • Syndicate Bank
  • United Bank of India
  • Punjab National Bank
  • Union Bank of India
  • Oriental Bank of Commerce
  • IDBI Bank
  • Vijaya Bank
  • Axis Bank
  • ICICI Bank

The Sukanya Samriddhi Yojana (SSY) was launched by the Government of India in 2015 to address the financial needs of the girl child and her parents. The scheme provides for the opening of a savings account in the name of the girl child, with a minimum deposit of Rs. 1000.

The account can be opened before the girl child turns 10 years of age, and can be operated by her until she turns 18 years of age. The account earns interest at the rate of 9.1% per annum, and can be used to meet the girl child’s educational and marriage expenses.

The scheme has been modified several times since its launch, and the latest changes were announced by the Finance Minister in the Union Budget. The changes are as follows:

1. The age limit for opening a Sukanya Samriddhi Yojana account has been increased from 10 years to 18 years.

2. The account can now be opened by a guardian on behalf of the girl child.

3. The interest rate on the account has been increased from 9.1% to 9.2% per annum.

4. The maximum deposit limit in the account has been increased from Rs. 1,50,000 to Rs. 2,00,000.

5. The account can now be opened in any post office or bank branch.

The Sukanya Samriddhi Yojana is a great scheme for the financial empowerment of the girl child. The scheme not only provides for the girl child’s future needs, but also inculcates the habit of savings in her. The latest changes to the scheme will go a long way in ensuring that the girl child gets the best possible start in life.

Conclusion:

The Sukanya Samriddhi Yojana is a great scheme that can help parents ensure a bright future for their daughters. However, it is important for parents to be aware of the changes that have been made to the scheme so that they can make the most of it.


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Hello, I am C.K. Gupta Founder of Taxgst.in, a seasoned finance professional with a Master of Commerce degree and over 20 years of experience in accounting and finance. My extensive career has been dedicated to mastering the intricacies of financial management, tax consultancy, and strategic planning. Throughout my professional journey, I have honed my skills in financial analysis, tax planning, and compliance, ensuring that all practices adhere to the latest financial regulations. My expertise also extends to auditing, where I focus on maintaining accuracy and integrity in financial reporting. I am passionate about using my knowledge to provide insightful and reliable financial advice, helping businesses optimize their financial strategies and achieve their economic goals. At Taxgst.in, I aim to share valuable insights that assist our readers in navigating the complex world of taxes and finance with ease.

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