Published on: September 10, 2024
SUKANYA SAMRIDDHI YOJANA (SSY)
SUKANYA SAMRIDDHI YOJANA (SSY)
NEWS – Sukanya Samriddhi Yojana new rules from October 2024
ABOUT SUKANYA SAMRIDDHI YOJANA (SSY)
- Launch: 2015
- Campaign: Part of the “Beti Bachao Beti Padhao” initiative
- Purpose: To promote education and savings for girl children
- Nature: Small-deposit savings scheme specifically for the girl child
- Opening: Accounts can be opened with authorized commercial banks or India Post branches
- Age Limit: Girl child must be under 10 years at the time of account opening (account per girl child – Maximum of two SSY accounts per family) + Must be operated by the girl child once she turns 18
Features
- Deposit Limits:
- Minimum: ₹250 per year
- Maximum: ₹1.5 lakh per year (in multiples of ₹100)
- Deposit Duration: 15 years
- Maturity: After 21 years from account opening
- Interest: No interest after 21 years
Partial Withdrawal
- Purpose: Education of the account holder
- Amount: Up to 50% of the balance at the end of the financial year preceding the withdrawal application
- Eligibility: Account holder must be 18 years old or have completed 10th standard
Tax Benefits
- Section 80C Deductions: Investment deductions up to ₹1.5 lakh
- Tax-Exempt Interest: Interest is tax-free under Section 10
- Tax-Free Proceeds: Maturity or withdrawal proceeds are tax-exempt
New Rules (Effective from October 1, 2024)
- Guardian Changes: Accounts under non-legal guardian grandparents must be transferred to a legal guardian or natural parent. Accounts not transferred will be permanently closed.
- Irregular Accounts: Excess accounts (beyond two per family) will be closed to comply with scheme rules.