Changes in Sukanya Samriddhi Account Yojana 2017

By | August 22, 2017

Major changes in the Sukanya Samriddhi Account Yojana in 2017

Sukanya Samriddhi Yojana was big hit among investment schemes launched by Modi Government. It attracted a lot of investors because it’s higher rates of interest with safety of their funds. SSY was a very successful yoajana for parents and guardians of girl child to bear the expenses of higher education and marriage of their daughter.

It was launched with as a secured investment with 9.2% annual return with just ₹1000 as minimum investment. However, the maximum investment is ₹1.5 lac. According to this scheme any parent or guardian can open SSY account for any girl child below or 10 years of age. The rate of interest is announced every year according to Small Savings Schemes. Also, the interest is compounded every year. One thing to be noted is that the rate of interest may change every year as it is not pre-decided as in case of Fixed Deposits (FD), Recurring Deposits (RD) and Term Deposits (TD).

Changes in Sukanya Samriddhi Account Yojana

The scheme was launched in January 2015 with best rates possible. However now government after the budget of 2016 has revised some of the rules and guidelines for the SSY. If you have invested or interested in knowing the updates just keep on reading to know the major and minor changes to understand the scheme better.

✅ Changes in Sukanya Samriddhi Yojana Scheme (SSY)

Although government has made some minor changes in SSY, yet they are of much significance and one should know them to understand the policy better.

  1. Rate of Interest – Rate of Interest as told earlier is not fixed and may vary so the previous rate of interest was 9.2% while now this year the new rate of interest is fixed at 8.6%. Also it may change every year as it is not fixed for complete tenure.
  2. SSY for NRI’s – As per new changes in SSY Scheme the investment scheme is now not available for NRI’s. Previously the scheme was available for NRI girl child also but now SSY is available for only Indian Resident Girl Child. According to this at the time of opening the SSY account the child must be an Indian Citizen residing in India. If in future the status of residence changes the parents of guardians must inform to the post office or bank regarding the same within a month. In such case the interest credited will be reversed and the balance funds in account will be returned to the investor. So according to this change the girl child should be Indian resident residing in India at the time of investment as well as at the time of maturity.
  3. Maximum Investment Term – The maximum investment term under SSY has been revised from 14 years to 15 years.
  4. E-transfer Option – The government has introduced E-transfer option. According to which the investor can now link their bank account with SSY account. Hence, they need not visit bank or post office to invest in future. Now they can transfer funds in SSY account online.
  5. Penalty Rule – SSY has a minimum investment of ₹1000 annually. In case of failure there is a penalty of ₹50. The government has not increased the penalty amount. However, the account will now be considered as ‘Account in Default’. If no further action is taken by investor till 15 years of opening of account, the total deposits on account even prior to when the account was considered as ‘Account in Default’ will be credited with post office saving scheme interest rates. (current post office saving scheme interest rate is 4%) It will be too less as compared to SSY interest rate. (SSY current interest rate is 8.6%)
  6. Premature Closure – One cannot close SSY account before 5 years, which is minimum investment period for premature closure. In case the investor still wants premature closure of SSY account before 5 years of lock in period the interest will be credited at post office saving scheme interest rate in spite of SSY interest rate.
  7. Adopted child – Now one can open SSY account for adopted girl child while previously it was not allowed.

Changes in Sukanya Samriddhi Account Yojana
 

53 thoughts on “Changes in Sukanya Samriddhi Account Yojana 2017

  1. PRADIP.KUMAR.PATNAIK

    i have opened ssy ac in Gunupur po,but i want to transfer the said ac to BOB,Gunupur branch.The postmaster denied to transfer to bank.he has demand the GOVT guideline for this.what can i do? please suggest me. waiting for your Reply.
    PRADIP.KU PATNAIK.
    GUNUPUR 765022
    DIST-RAYAGADA.
    ODISHA.

    Reply
  2. Kamal S

    Dear Sir / Madam,
    I am looking out for few information regarding SSY Account:
    1. What is the current interest rate?
    2. Is it necessary to invest a specific amount every month or Can I invest anytime in a year at different intervals?
    3. Can I Open the account in any post office?
    4. Can you let me know the list banks in which I can open SSY Account?
    5. Can the investment amount vary from one year to another? Ex: Can I invest 50000 1st year, 70000 2nd year, 45000 3rd year …

    Awaiting your response.

    Thank you in advance.

    Reply
    1. Anu Dey Post author

      1. The interest rate for SSA for the current year 2017-18 is set to be 8.3% compounded yearly.

      2. You can invest anytime / multiple time in a FY up to the max 150000/-

      3. Yes

      4. Check here

      5. Yes, it can vary from min 1000 to max 150000..

      Reply
  3. Priyadharshini

    hi,
    Is it possible to change the guardian name from father to mother..
    I need to get tax exemption .could you please advise me on this procedure to change the guardian

    Reply
      1. RKV

        Hi madam,
        I want to know who will able to with draw Mattar amount after its completion…….
        Appreciate your quick reply…….

        Please mention your name and authority signature for reference…

        Reply
  4. Anurag

    My Daughter DOB is 10th Jan 2008. Can I be allowed to open the account post 10th Jan 2018. If yes….Till when???
    Also confirm if her marriage take place before the maturity year can I withdraw 100% of my investment by that time???

    Reply
    1. Anu Dey Post author

      No you can not open after 10/01/18

      Your Daughter can withdraw because she will be Major by the time of marriage..

      Reply
  5. Kuntal Sarkar

    I want to know how many years I gave premium for this plan and also maturity year . My plan start 2018 which year I stopped to give the premium and what is the maturity year? I asked you because the post office staff told me the premium time should be 21 years

    Reply
  6. Nirrenjen

    Hi,
    I have already opened SSYA account for my daughter. I work in IT and I may go onsite for 6 months to 1 or 2 years and in that case I can take my daughter along with me.. Would I be able to continue the investment?
    If no, will I get the interest accumulated till that year?

    Reply
  7. P.Murthujavali

    Hi madam I want to open say account for my child in this year.I have some doubts can you please clarify me.1.what is the first financial month of this year to open account?2.what is the premium period 14 or 15?3.if I deposit 150000 per annum continuously what is the maturity amount?4.howmuch I can withdraw at the time of girl age 18?5. is parent is eligible for withdraw at age 18?

    Reply
    1. Anu Dey Post author

      1. April
      2. 14 years
      3. Interest is different each year. Try Calculator
      4. If girl is getting married you can withdraw all.

      Reply
  8. Rahul Dubey

    Is it necessary to open a saving account with SSY?
    Would you please let me know the procedure?

    Reply
  9. Vishal

    HI

    How can I change my daughter name on her SSY account, currently it in post office.

    Please suggest.

    Thanks

    Reply
  10. Anju

    Hi Madam
    i have opened SSYA for my daughter and i had a fault to making payment from a 15 month ..can i continue it now?

    Reply
  11. Indrajit Mukherjee

    I have opened one ssy account on 24/03/2015 in panagarh post office but till no interest credited in my account. why?

    Reply
  12. kiran sharma

    What is the solution if ssy acounts opened through grandparent how it can be corrected plss help…???

    Reply
      1. Ronald

        Whats is the process please to change grandparent name to parent name?

        Reply
  13. Ronald

    my daughter is 3 year old, her grandmother has opened SSY on my daughters name, is it possible to change the guardian name to my name (Father name)

    Reply
    1. Anu Dey Post author

      First of all visit the post office or bank where you have opened the account for your daughter.
      Explain the reason why you want to change or update the guardian name in the passbook.
      Provide all necessary identity proof, relationship proof with the girl.
      After successful verification only your passbook will be updated with the changed name.

      Reply
  14. Kumara Mahadevappa

    I have opened SSY in my daughter name, but provided my wife’s name as a GUARDIAN as I was not aware this will come under tax exemption. Now I would like to declare my investment to IT. Could you please suggest how to change guarding name or any advisable solution for this?

    Waiting eagerly with hope,
    Kumara M

    Reply
    1. Anu Dey Post author

      Just attach proof that payment is from your account and claim tax benefit.

      Reply
  15. Dharamveer saw

    My daughter name is Anushka In ssy. And I want add suname. My daughter age is 4 year . this is possible?
    Plz explain in detail

    Reply
  16. Dominic

    Dear Ma’am,

    I and my wife have been living in UAE for the past 5 years with our daughter. My daughter born in India and now she is 5 yrs old.

    Last year during my vacation, we opened an SSY account in our Post Office. At that time when I asked about this NRI eligibility problem, the post office employee told me there is no issue to open this SSY for my daughter. He only asked for passport copy of mine and my daughter and birth certificate as documents along with my photo.

    But, I am confused now. I have deposited money and I have a pass book for the SSY. I dont think the person in the post office knows the ruIes very well. Please help me with the exact details.

    My daughter is still an Indian Citizen but, living with me here in UAE. If I continue the contribution, then any issues we need to face at the time of maturity?
    Hope you can give a proper details.

    With Regards
    Dominic

    Reply
  17. Pradyuman singh

    Ma’am meri beti Ka dob 25.2.08 hai .25.4.15 ko mane
    ssy yojna post office me liya hai regular jama karta hu
    Ma’am mujhe kab tak jama karna hai date of maturity kab puri hogi

    Reply
  18. kashyap gandhi

    How can I change SSY account guardian? My wife opened SSY account in her SBI account. I want to transfer SSY account into my SBI account where PPF, NPS other things manage from one place.

    Reply
    1. Anu Dey Post author

      That’s not the valid reason to change Guardian

      Reply
  19. Anirudhsinh Sarvaiya

    Dear,
    My daughter age only 1 month. I going central bank of india for open ssy account. But Branch manager taking to must girl child aadhar card otherwise we are not open ssy account. So please any new chenge in ssy account 2018. Because my friend opened ssy account only girl child birth certificate.

    Reply
    1. Anu Dey Post author

      Ask bank manger to give this writing. File a RTI asking him clarification. Or open in PO.

      Reply
  20. dominic

    Dear Ma’am,

    I and my wife have been living in UAE for the past 5 years with our daughter. My daughter born in India and now she is 5 yrs old.

    Last year during my vacation, we opened an SSY account in our Post Office. At that time when I asked about this NRI eligibility problem, the post office employee told me there is no issue to open this SSY for my daughter. He only asked for passport copy of mine and my daughter and birth certificate as documents along with my photo.

    But, I am confused now. I have deposited money and I have a pass book for the SSY. I dont think the person in the post office knows the ruIes very well. Please help me with the exact details.

    My daughter is still an Indian Citizen but, living with me here in UAE. If I continue the contribution, then any issues we need to face at the time of maturity?
    Hope you can give a proper details.

    With Regards
    Dominic

    Reply
  21. p suresh hebbar

    madam…can a grand father (for income tax benifits) be guardian depositor instead of live parents who are not able to invest.

    Reply
  22. SUKHEN CHANDA

    Dead Ma’am,
    I opened SSA for my daughter in July 18 and in sept18 I would be leaving india to work on ship for 9-12 months contract and would come back for a month and go again.Can I continue with the investment or should I change the guardians name if possible.please help

    Reply
  23. Bhavya Jha

    Hello Anu,
    First of all thank you for the informative post. It’s simple and easy for everyone to understand.
    My question is related to the person who is opening the SSY account. Is it possible that the person who is not related to the girl child to start this scheme for her? I want to gift this scheme to my maid’s daughter. I will be moving out of the country soon and would like to help the little girl. She is 2 years old.
    Is that possible?
    Also do i need to put an amount everyear or if I put 25k at once will that help?

    Thank you for your support.

    Reply
    1. Anu Dey Post author

      Only her parents or guardian can open account. Give the money to mad and she will open. Or go bank with her and open. You need to put minimum ₹1000 every year to keep it activated.

      Reply
  24. rakesh mishra

    mam maine apni daughter ka SSA A/C post office me open karaya hai usame gardian ka surname wrong display hoke passbook per aaya hai. kya surname passbook aur online feeding data dono jagah sahi ho sakte hai

    Reply

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