Sukanya Samriddhi Yojana: What are the latest guidelines for SSY accounts? Check here

TOI Business Desk / TIMESOFINDIA.COM / Sep 17, 2024, 17:00 IST

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Sukanya Samriddhi Yojana: The Department of Economic Affairs under the Finance Ministry has issued new guidelines for Sukanya Samriddhi Yojana accounts. These include transferring guardianship to legal guardians, closing irregular accounts, and updating PAN and Aadhaar details. Post offices are directed to identify such accounts and inform holders promptly about these changes.

Sukanya Samriddhi Yojana: What are the latest guidelines for SSY accounts? Check here

Sukanya Samriddhi Yojana is a savings scheme designed by the government to support a girl child's financial stability. (AI image)

Sukanya Samriddhi Yojana latest guidelines: The Department of Economic Affairs, under the Finance Ministry, has recently released updated guidelines to address irregularities in small savings accounts opened under the National Savings Scheme (NSS).
If you have a Sukanya Samriddhi Yojana account, then it is important to know the latest guidelines for Sukanya Samriddhi Accounts that investors must adhere to:

Sukanya Samriddhi Yojana Latest Guidelines

Regarding Sukanya Samriddhi Accounts opened by grandparents who are not legal guardians, the Department of Posts circular dated August 21, 2024, states that "the guardianship shall be transferred to a person authorized by the law in force, namely the natural guardian (living parents) or the legal guardian."
If a family has opened more than two Sukanya Samriddhi Accounts under the Sukanya Samriddhi Account Scheme, 2019, the circular mandates that the irregular accounts will be closed, as they are considered to be in violation of the scheme guidelines, according to an ET report.
The circular also emphasizes the importance of obtaining and updating the PAN and Aadhaar details of both the account holder(s) and guardian in the system before submitting regularization requests to the concerned office.
Post offices across the country have been instructed to promptly identify such accounts and inform account holders of the updated rules through various channels. All circles, regions, and divisions are urged to actively monitor situations requiring regularization to minimize inconvenience for small savings scheme account holders.

The Sukanya Samriddhi Yojana account, a savings scheme designed by the Indian government to support a girl child's financial stability for education and marriage, has specific guidelines for closure.
As per the circular, "it needs to be noted that the power to regularise irregular small savings accounts is vested with the Ministry of Finance. Therefore, all cases pertaining to irregular accounts should be forwarded to this division for regularisation by the Ministry of Finance."

The circular further states, "Only on receipt of the concurrence Budget Division, DEA, Ministry of Finance for regularisation of irregular accounts opened under various National Small Schemes, the Offices shall settle those accounts following the mentioned guidelines."
The Sukanya Samriddhi Yojana Plan has a set of rules established by the Government of India. These include a minimum deposit of Rs 250 per month and a maximum of 1.5 lakh, with an interest rate of 8.2% p.a for July to September (subject to change as per quarterly guidelines from GOI).
The account will mature after the completion of 21 years from the date of opening, and parents or guardians will operate the account until the child reaches 18 years of age.

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