Rule Change: These big changes have come in Sukanya Samriddhi Yojana, know the complete details
Rule Change: It is crucial that you are aware of the significant changes made to the popular government’s Sukanya Samridhi Yojana in order to provide financial stability for daughters’ futures. Only parents or legal guardians are now permitted to access the daughter’s account under this plan, which may arrange funds for the daughter’s schooling up to marriage. This account may be closed if this is not completed. Let’s discuss the SSY Scheme Rule Change in more depth.
This program was started in 2015
Sukanya Samridhi Yojana was launched in 2015 by the Narendra Modi administration at the Center with an eye toward the future of girls. With only Rs 250, one may create an account under this government plan. Additionally, the government is quite interested in this, offering 8.2 percent. This long-term investing strategy is well-liked for turning daughters into millionaires.
The new system will be implemented from October 1
Regarding the most recent modification to this plan, which gathers a substantial amount of money for the daughter’s future, it will particularly apply to Sukanya accounts registered via National Small Savings Schemes (NSS). The daughter will now have to transfer her SSY account to her natural parents or legal guardian if it was established by someone other than her legal guardian, under the new law. If you don’t, that account could be closed. The study states that this scheme modification will take effect on October 1, 2024.
Twenty-one years later, the daughter will be a billionaire
The interest that investors in the SSY scheme get is another factor contributing to its popularity. The excellent interest rate for this program is 8.2 percent for the quarter ending in January 2024. According to what has been said, the Sukanya Samriddhi Yojana is a long-term investment plan that, when your daughter reaches 21, might make her a billionaire. If we calculate correctly, when your daughter becomes 21 years old, more than Rs 69 lakh would have accrued in her SSY account if you start an account in her name at the age of five and deposit Rs 1.5 lakh yearly into it.
If you invest Rs 1.5 lakh a year for your daughter in this program for 15 years, you would have invested a total of Rs 22,50,000 based on the interest that you will earn under the scheme. In addition, this would incur interest at the rate of 8.2 percent, or Rs 46,77,578. In other words, the daughter would get a total of Rs 69,27,578 when she reaches 21.
Tax exemption is also included
Under Section 80C of the Income Tax, this plan offers a tax exemption of up to Rs 1.5 lakh. If necessary, the SSY Scheme offers the option to withdraw money before to maturity. Following the daughter’s 18th birthday, withdrawals from this account may be made for educational purposes. You may only withdraw 50% of the amount placed into the account for educational purposes. You will need to provide documentation in the form of educational records pertaining to the daughter for this. The available funds are only accessible once a year and may be withdrawn in five years in installments or as a lump amount.
Accounts can be opened for two daughters
In order to participate in the Sukanya Samriddhi Yojana, an Indian resident must be the girl’s parents or legal guardian. Sukanya Samriddhi Yojana is available for investment in daughters under the age of ten. Your daughter may have an SSY account opened for her from the time of her birth until she is ten. A maximum of two girls’ accounts may be created under this system. On the other side, three SSY accounts may be formed if there are twin girls.
