Central Government has updated the guidelines of Sukanya Samriddhi Yojana. The government has made several changes for those willing to invest in the scheme this financial year. The changes in the scheme will ensure procedural efficiency and financial security of the girl child.
There have been many investor friendly changes in the scheme which were affected by the finance ministry’s move to introduce market-linked interest rates in small savings schemes. Last year, the Sukanya Samriddhi Yojana fetched 9.1% return to the investors.
The government has planned to amend the interest rates on quarterly basis. The interest rate for April to June 2016 quarter would be 8.6%.
Following are some of the major changes made in the Sukanya Samriddhi Yojana
- Now, a SSY account can be opened in the name of Adopted girl child.
- Only a girl child residing in India can be a beneficiary.
- In case of medical emergency, premature closure of the account has been made easy.
- Deposits can be made till a girl turns 15.
- Interest rates would change every quarter
- Payment for the account can also be made through electronic mode
- SSY can now be transferred from a bank to post office and vice versa in case of relocation.
- Even if you are not relocating, account can be transferred by paying a fee of Rs 100 to the post or to the bank to which the transfer is being made.
Sukanya Samriddhi Yojana is a small saving account under which the parents can open an account in the name of Girl child and save money for her future.
An investment of up to Rs. 1.5 Lakh per year can be made under the SSY. Sukanya Samriddhi Yojana was launched by the Prime Minister Mr. Narendra Modi on 21st January 2015; under the Beti Bachao, Beti Padhao Campaign.