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Sukanya Samriddhi Yojana rule changes require transferring accounts to legal guardians or parents by October 1 to avoid closure.
The government has recently introduced changes to the Sukanya Samriddhi Yojana (SSY) that will take effect from October 1, 2024. These changes are crucial for parents and guardians who have opened accounts under this scheme. Sukanya Samriddhi Yojana, a popular initiative, is designed to secure the future of daughters by helping families save for their higher education or marriage. Here's what you need to know about the rule changes and their impact on your account.
One significant change in the new rules is that if a Sukanya Samriddhi Yojana account has been opened by someone other than the legal guardian or natural parent of the girl child, such as a grandparent or other relative, it must now be transferred to the legal guardian or the child's parents. Failure to do so may result in the closure of the account. This rule applies even if the account was initially opened by close family members like grandparents who are not legal guardians.
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Previously, any close relative—such as an uncle, aunt, or grandparent—could open an SSY account on behalf of a girl child. Once the girl reached 18 years of age, the account would be transferred to her name. However, under the new rules, only parents or legal guardians will be allowed to open or maintain these accounts going forward.
To transfer an SSY account to the legal guardian or parent, you must follow a simple process:
Sukanya Samriddhi Yojana was launched in 2015 by the central government to help parents save for their daughters' futures. Under this scheme, parents can open an account with as little as ₹250. The government offers an attractive interest rate of 8.2% on deposits. This account can be used for the daughter's higher education or marriage, making it a long-term investment plan with significant benefits.
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With the changes in Sukanya Samriddhi Yojana rules taking effect from October 1, parents and guardians need to ensure that accounts comply. If the account is currently in the name of someone other than the legal guardian or parent, it's essential to transfer it to avoid closure. By following the updated process, you can continue to secure your daughter’s future through this beneficial scheme.