Small savings scheme: If you invest in small savings schemes then this news is useful for you. Actually, the Department of Economic Affairs under the Union Finance Ministry has issued a circular.
According to the circular, 6 new rules have been issued. These rules are for investors associated with National Savings Scheme, Public Provident Fund i.e. PPF and Sukanya Samriddhi Account. Let us know about the new rules of Sukanya Samriddhi Account.
Sukanya Samriddhi Account (SSA)
In case of accounts opened under the guardianship of grandparents (who are other than the legal guardian), the guardianship will be transferred to the person entitled under the applicable law, i.e., natural guardian (surviving parent) or legal guardian.
If more than two accounts are opened in a family in violation of Para 3 of Sukanya Samriddhi Account Scheme, 2019, the irregular accounts will be closed as accounts opened in violation of the scheme guidelines.
Also Read: – Centre approves ‘Unified Pension Scheme’ for govt employees
About the scheme
Let us tell you that under the Sukanya Samriddhi Yojana launched for daughters, an interest rate of 8.2 percent is available on deposits. The scheme with this interest rate is completely tax-free under Section 80C. Under this scheme, a minimum investment of Rs 250 can be made in a financial year. At the same time, a maximum investment of Rs 1,50,000 can be made. If a minimum of Rs 250 is not deposited in a financial year, a penalty of Rs 50 will be imposed.
For how long can you invest
Please note that deposits can be made in the account for a period of 14 years from the date of opening the account. The account will mature on completion of 21 years from the date of opening the account, provided that if the account holder gets married before completion of the period of 21 years, then the account will not be allowed to be operated after the date of his marriage. Partial withdrawal facility is available to meet the needs of the account holder for the purpose of higher education and marriage.
