Sukanya Sanghi Yojana (SSY), also offers a rebate for investment below 80C
Changes in the account closure rules
The account of ‘Sukanya Samriddhi Yojana’ could be closed earlier on the
death of the daughter, or change in residence of the girl. The account holder can also be closed if they are suffering from a life-threatening condition. Even in the unlikely event of the guardian’s death, the account may be closed before expiration.
Account of ‘third’ daughter will also be opened
The benefit of tax exempt under 80C was only available to two daughters. This benefit was ineffective for the third child. If a twin daughter follows a single one, there’s a provision for opening an account for them both.
Revenge interest rule
You can deposit Rs 250 per annum and Rs 1.5 lakh each year. If the minimum amount isn’t deposited, the account will default. If the account is not activated, interest will continue at the rate applicable to the amount deposited until maturity. This is not how it was before.
Operating the account: Rules
The account could have been opened by the daughter in 10 years. However, the new rules prohibit daughters from operating the account prior to 18 years. The account will only be opened by the guardian after this age.
Under the new rules, there is no provision for reversing an account’s wrong interest. Aside from that, the account’s annual interest will be credited each year at the close of each financial period.