Sukanya Samriddhi Scheme Rule Change: This rule will change from tomorrow

Sukanya Samriddhi Scheme Rule Change: Does your daughter have a Sukanya Samriddhi account as well? If so, you should take note of this information. This government program is really going to undergo a significant change on October 1, 2024; thus, some work has to be done in preparation. If not, the SSY account may be canceled. Since this has to do with girls’ futures, don’t put it off; do this job immediately. Speaking about the SSY Scheme Rule Change, the new regulation states that the daughter’s account may only be operated by her parents or legal guardians. This account may be closed if this is not completed.

Modi government’s great scheme

The Modi government’s superhit plan, Sukanya Samriddhi Yojna, aims to create daughters lakhpati. The amended regulation will take effect on October 1st; however, in the meantime, the account must be transferred to the legal guardian, since even a little error might result in the closure of the account that is now in your daughter’s name. Prime Minister Narendra Modi launched this initiative to better daughters’ futures the first year after he took office in 2014, which helps ease the stress that arises from a daughter’s birth till her marriage.

The government will pay 8.2% interest

Sukanya Samriddhi 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.

There will be these big changes in the scheme

Regarding the most recent modification to the Sukanya Samriddhi Scheme, the government has altered the regulations governing this program, which raises a substantial amount of money for the daughter’s future. Sukanya accounts registered under the National Small Savings Schemes would be subject to the new regulation. 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.

Daughter will become a millionaire after 21 years

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 started an account in her name at the age of five and deposited Rs 1.5 lakh yearly into it.

If you invested 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.

Will get tax exemption

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 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.

Account 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.