The Government of India had launched the Sukanya Samriddhi Yojana with the aim of securing the future of girls. Now, the Finance Ministry has changed many rules related to this scheme. The Department of Economic Affairs has issued new guidelines, which all post offices have been asked to implement immediately.
Accounts opened by grandparents will be transferred to parents
According to the Finance Ministry, the new rules will apply to all small savings accounts, including the Sukanya Samriddhi Yojana. Under the new guidelines, if grandparents have opened an account in the name of their granddaughter, it will now be mandatory to transfer it to the parents or legal guardian. Also, if two accounts have been opened in the name of the same girl child, they will be closed, as this is against the rules of the scheme.
PAN and Aadhaar are mandatory
Under the new rules, it is mandatory for all Sukanya Samriddhi accounts to be linked to the PAN and Aadhaar card of the parent or guardian. If the account is not yet linked to these documents, then their information has to be submitted as soon as possible. Apart from this, all post offices have been instructed to inform the account holders about the new rules.
The right to regularize the account lies with the Finance Ministry
According to the circular, only the Finance Ministry has the right to regularize any irregular account. Therefore, post offices will have to provide complete information about such accounts to the ministry.
Investment and Interest under Sukanya Samriddhi Yojana
Under this scheme, you can deposit a minimum of Rs 250 per month to a maximum of Rs 1.5 lakh annually. 8.2% interest is being given on the scheme every quarter. This account remains active till the daughter turns 21 years old. After the age of 18, 50% of the amount can be withdrawn from this account, to meet higher education or other needs. To open an account, it is necessary to provide the daughter’s birth certificate, PAN and Aadhaar card of the parent or guardian.