8 New Rules Under The Sukanya Samriddhi Scheme 2016

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The government last year launched a deposit scheme called Sukanya Samriddhi Account, which can be opened for a minor girl child in India. The main purpose of this scheme is to encourage parents to maintain disciplined savings which will help them during education or marriage of the girl child.

Sukanya Samriddhi Account can be opened and maintained with the post office or any banks. Individuals who are planning to open or already haven an account should know the new rules.

Here are 8 new Sukanya Samriddhi rules for 2016:

Change in Residential Status

If there is a change of residential status of the account holder, no interest will be deemed to accrue from the change of such status and the account will be closed prematurely from that date.

 

Transfer of account

The account can be transferred between the post office and Bank, free of cost on furnishing of proof of shifting of residence.  

Otherwise a payment of fees of Rs 100 to the post office or the Bank to which the transfer is made will be applicable.

 

Maximum amount

The total money deposited in an account should not exceed Rs 1.5 lakh in a financial year and extra amount is not eligible for any interest.

The excess amount deposited of an annual ceiling of Rs 1.5 lakh can be withdrawn anytime by the depositor.

 

Interest rate

The interest rate will be compounded yearly at the rate notified by the Government from time to time and shall be credited.

As of now, government will declare interest rates for every quarter. The interest rate for this quarter is kept unchanged at 8.5 per annum.

 

Deposit age

Earlier, deposits can be made till the age of 14, now it has been  increased to the age of 15.

 

Minimum Deposit

Earlier, minimum deposit per annum to be made was Rs 1,000 to get interest at the rate of 8.5 per cent. Now, if the minimum deposit is not made,  a person is eligible for only 4 per cent interest.

 

Electronic transfers

Earlier, deposits to be made only in cash or cheque/DD. Now, the guardian can make payments through electronic means (e-transfer) in the concerned post office or Bank if such post office or bank.

 

Maturity

The Account will mature on completion of a period of twenty-one years from the date of its opening. No interestshall be payable once the account completes twenty-one years from the date of its opening.

 

Story first published: Thursday, August 11, 2016, 11:52 [IST]
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