Sukanya Yojana rules changed! Follow these new rules or face penalty

Sukanya Yojana has been one of the most preferred investment tools for parents of a girl child. This investment plan was made in such a way that it required investment discipline from the investor. However, the Indian Government has made some changes in the Sukanya Samriddhi Yojana. In the wake of the new rules, an investor can close the account before maturity in certain circumstances. After attaining 18 years of age, the girl child against whose name the Sukanya Samriddhi account exists will be able to operate her SSY account. To maintain the investment discipline among the investors, the government has made provision for penalty for not meeting the minimum annual investment of Rs 250 in the Sukanya scheme.

Speaking on the changed rules in Sukanya Samriddhi Yojana, Manikaran Singhal, a SEBI registered tax and investment expert said, "In the changed Sukanya Yojana rules, the Sukanya Samriddhi Account can be closed in case of the account holder severely falling ill or in the case of death of the parents of the girl child. Earlier, Sukanya Samriddhi account was allowed to close only in the case of death of the girl child against whose name the Sukanaya Samriddhi account was opened." He said that now the girl child will be able to operate her SSY account once she becomes 18 years of age. However, she would be able to do that only when her parents submit the related documents.

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Hailing the changes made by the Central Government in the Sukanya Samriddhi Yojana; Jitendra Solanki, a SEBI registered tax and investment expert said, "Sukanya Samriddhi Yojana is a disciplined investment tool and to make it further strong, the Central Government has now made it mandatory to invest Rs 250 in a financial year by the investor if they want to avail the Sukanya Samriddhi interest in the money accumulated in the account." Solanki said that in case, a person fails to deposit this minimum amount in the Sukanya Yojana account, their account will be frozen and they won't be eligible to get the interest in their Sukanya Samriddhi account balance. Currently, Sukanya Samriddhi Yojana interest rate is as high as 8.4 per cent per annum.