Sukanya Samriddhi Yojana Update: Sukanya Samriddhi Yojana (SSY) is a popular government scheme used by lakhs of people due to several benefits, including low interest rates, high return, and low minimum deposit. The scheme is designed to provide a safe and secure future to the girls; however, the benefiters are also required to make a minimum investment every year to continue the services. As per the government notification, the subscribers of Sukanya Samriddhi Yojana are required to complete the required investment before the end of this financial year, that is March 31.
In its advisory, the government stated that the benefiters are required to deposit a minimum amount in their bank accounts to ensure that the account remains active in the next financial year. If the subscribers have not deposited the amount in the accounts already, they must do it before the end of the financial year. As per the rules, it is mandatory for parents to make an investment at least once during a financial year.
If the parents fail to deposit funds into the scheme during any financial year, the account is likely to become inactive, leading to several inconveniences. While the maximum amount that the benefiters can deposit in a financial year is Rs 1,50,000, the minimum required amount is Rs 250. The rules mandate that the funds are deposited at the branch where the account for the scheme was opened.
While the parents usually invest money in their daughter's name, investments under this scheme can be made for only two daughters per family. The benefiters can withdraw money to cover the daughter's education expenses; however, they are permitted to withdraw up to 50 percent of the balance only after the daughter has passed the 10th grade. Under the Sukanya Samriddhi Yojana, the accumulated funds become available to the benefiters once the daughter turns 18 years old.
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