Search This Website

Friday, July 22, 2022

5 Changes In SukanyaSamriddhi Scheme You Should Know

5 Changes In Sukanya Samriddhi Scheme You Should Know 


The girl child small saving scheme Sukanya Samriddhi Yojana in agreement with the announcement dated December 12, 2019 has been modified by the finance ministry and the also applicable scheme rules have been repealed and substituted with new vittles. 

1. Operation of SSY regard 

As per the new rules, the Sukanya Samriddhi scheme account can not be operated by the girl child unless she turns 18 times in age. before, the scheme allowed the account to be operated by the girl child as and when she attains the age of 10 times. Until also now the account will be operated by the guardian. Also, as and when the girl child or account holder turns 18, the needed documents need to be handed where the SSY account is maintained. 

2. dereliction accounts to earn interest as applicable to the scheme 

There's a minimal sum which is to be contributed mandatorily to the account every fiscal time and for the SSY regard it'sRs. 250 everyyear. However, the quantum becomes a dereliction account, If not paid. Now as per the new rules, dereliction accounts will continue to cost interest rate as applicable to the scheme until the account matures, if it isn't reinstated until also. As per the former schema of effects, similar' dereliction accounts' would cost interest rate as on the post office savings bank account which is much lower than the interest rate on SSY account. For the quarter April- June 2020, interest rate on SSY account is7.6 per annum while interest rate on post office savings bank interest rate presently stands at 4. The new rule hence applies to dereliction accounts of SSY scheme both due to the death of the guardian or accounts' other than due to the death of guardian'. 


 3. Changes in relation to unseasonable account check

Now as per the new rules, unseasonable account check of SSY scheme is allowed only if the account holder or the girl child in whose name the account is maintained dies or on some compassionate grounds including medical treatment of the account holder for critical affections or on death of the guardian. before the account could be closed when the girl child dies or if there's any change in occupancy status of girl child. But in the rules, it isn't specified whether on change in occupancy the account will have to be continued until maturity or can be closed precociously." The new scheme refers to the vittles of Government Savings Promotion General Rules, 2018 in relation to the matters for which no rules is specified in the 2019 scheme. Consequently, as per the General Rules, 2018 if the account holder( girl child) latterly becomesnon-resident, the account shall be continued till maturity. still, the benefits shall be available to the account holder only onnon-repatriation base. Further, the account shall not be allowed to be extended or continued beyond maturity, indeed if similar extension or durability is else admissible and no interest shall be outstanding after the date of its maturity. Further, if the account holder ceases to be a citizen of India, the account shall be closed or supposed to be closed from the last day of the month antedating the month in which the depositor ceases to be an Indian citizen", Chadha, People Advisory Services- Partner, EY India said. Further, in the below case, the account from the supposed date of check will continue to cost post office savings bank account interest rate until the quantum is withdrawn from the account. 

4. For opening account for further than 2 girl child 

In agreement with the new laid down rules, in case of account opening for further than 2 girl children, in addition to the birth instrument, there's also an fresh attestation demand of an affidavit. In the former case, guardian was needed to furnish medical instrument. Under the scheme, per family the account can be opened for a outside of 2 girlchild.However, also more accounts can not be opened in case of alternate birth of girl child," If the first birth results in binary/ triumvirates girls. still, third account can be opened for a girl child in a script of birth of binary girls as alternate birth or if the first birth itself is triplet", added Chaddha 



5. fresh minor variations

As per the new rules, interest on SSY account will be credited at the end of the fiscal time. Also, the norm of reversing incorrectly credited interest in the SSY account has been withdrawn in consideration of the fact that now interest rate as on the scheme applies to all dereliction accounts.

No comments:

Popular Posts