Monday, September 25, 2023

Sukanya Samriddhi Yojana has seen some significant changes; be aware of these before investing.

Sukanya Samriddhi Yojana: The Government of India has a unique programme called Sukanya Samriddhi Yojana. The goal of this plan is to safeguard daughters’ futures in the nation. To ensure their daughters’ futures, a significant portion of parents in the nation want to invest in this programme. For daughters, there is a long-term investing programme called Sukanya Samriddhi Yojana. You currently receive a 7.6% yearly return on your investment in this plan. At the same time, the Sukanya Samriddhi Yojana is undergoing numerous significant modifications. The ability to reverse an account’s incorrect interest was eliminated as a result of the rule change. Previously, the daughter could only manage the account once 10 years had passed. The daughter, however, won’t be able to manage the account until she becomes 18 due to the modified rules.

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Only the daughter’s parents would be able to access the account under her Sukanya Samriddhi Yojana until she turns 18. Every year, a deposit of Rs 250 must be made to the Sukanya Samriddhi Yojana account. If you choose not to. Your account is regarded as default in this situation.

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In contrast, the new regulations require you to reactivate your account. The money deposited into the account will continue to earn interest in this scenario. Previously, section 80C of the Income Tax provided an exemption for opening accounts for two daughters under the Sukanya Samriddhi Yojana.

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However, the third daughter was not eligible for this benefit. On the other hand, if you have twin daughters following the birth of a daughter in your home, the new regulations apply to you. You can also add those two daughters’ accounts to the plan in this circumstance.

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Previously, upon the death of the daughter or a change of her residential address, the account was closed under the Sukanya Samriddhi Yojana. Additionally, if the account holder has a fatal illness, the new regulations apply. His account may likewise be closed in this scenario.

Read More: Sukanya Samriddhi Yojana: 5 Significant Changes in the Sukanya Samriddhi Yojana! You should be aware of the following before investing.

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