Sukanya Samriddhi Yojana Account Scheme Guideline & Rules

Sukanya Samriddhi Yojana Account Scheme is one of the popular and most successful small saving schemes in India, launched in January 2015 in India, after launching the scheme many concerns and issues raised by several investors in India regarding guidelines and rules. So the government of India reviewed some of them and modified some rules and guidelines for Sukanya Samriddhi Account Scheme in 2016.

Here this article will describe clearly about guidelines and rules launched by the government.

Sukanya Samriddhi Yojana Account Scheme is the most useful and popular scheme for the girl child. After launching the scheme, 76 lakhs Accounts were opened all over the world and Rs. 2, 838 Crore amount has been collected on these accounts

This scheme is launched by the Prime Minister of India; Narendra Modi to ensure the bright feature of girl child in India, under ‘Beti Bachao Beti Padhao’ operation SSY provides small deposit savings for girls children and the scheme offers one of the highest interest rates.

Guidelines and Rules of Sukanya Samriddhi Account Scheme

  1. As per the new rule, it declares clearly that Sukanya Samriddhi Account can be open, even for the adopted girl child.
  2. These SSA rules will be more benefices only on Indian Residence Girl Child if in case the holder became an NRI after opening, the account will be closed immediately and no interest rates will be paid.
  3. According to the old rule, the deposit can be made until 14 years of girl age, but now it exceeds up to 15 years.
  4. Previously, the rate of interest will be confirmed on a yearly basis. But now, it can revise the interest rate from time to time. For suppose, from Jun – 16 to Aug – 16 the interest rate will be revised as 8.6% per annum
  5. You can deposit Rs. 1.5 lakhs per year maximum in SSA.
  6.  Previously, the deposit is made in the form of a cheque, cash, and DD only. But as per the new rule now you have online payment mode.
  7. If in case your passbook is lost, they issue a new passbook on the payment of Rs. 50
  8. You can transfer the amount from post office to bank or vice versa in free of cost. But in case of relocation of your residence, then the parent or guardian should submit proof of shifting of residence by paying Rs. 100 to shit the account.
  9. Usually, the accounts should be closed after post maturity (i.e., 21 years), As per the old rule, if the account doesn’t close the interest rate used to pay as usual still the holder close the account. But as per the new rule, if the account holder completes 21 years no interest amount is payable.

Under this scheme, only one account is permissible for every girl child.

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