5 new changes in Sukanya Samriddhi Yojana (SSY) scheme

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Sukanya Samriddhi Yojana is the best debt instrument earns 8.6% return for any conservative investors, with a daughter aged below 10 years. The main purpose of Sukanya Samriddhi Yojana (SSY) is to meet the financial requirements of the girl child for the purpose of higher education and her marriage, it also offers partial withdrawal facility after attaining 18 years of age.

new changes in Sukanya Samriddhi Yojana (SSY) scheme

5 new changes in Sukanya Samriddhi Yojana (SSY) scheme

1. The maximum period of investing term of the Sukanya Samriddhi Yojana (SSY) scheme has been increased from 14 to 15 years.

2. Now, a girl child would be only eligible for a Sukanya Samriddhi Yojana (SSY) account if she is a resident Indian when the SSY account is opened and remains citizen until maturity or closure of account. NRI’s no longer can open this scheme; even if a girl child takes up citizenship of another country during the scheme term – no longer can get interest from Sukanya Samriddhi Yojana (SSY) scheme.

3. e-transfer option has been introduced and now you can easily transfer your contributions online.

4. There is a new change in penalty rule; even though the penalty amount remains same but now if penalty is not paid, you will lose out on interest earned. The entire amount including deposits made before date of default will receive interest at the rate of post office savings bank account, which is 4% now.

5. Earlier premature closures are allowed for medical urgent needs at any time during the term of the scheme. Now, it is not allowed before completion of 5 years. If you wish to withdraw before completion of five years, your investment will earn interest at the rate of a post office savings account, which is 4% now.

Photos courtesy: www.freerangestock.com / Chance Agrella

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  1. Santanu says

    Govt is changing many rules for all small saving schemes in India. Basically for SSA, I think the reduction of Interest rate will highly demotivate people to invest more for this scheme. At least this is a special scheme and they should keep the interest rate high for SSA.
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