Sukanya Samriddhi Yojana Accounts at Risk of Closure: Finance Ministry Revises Rules – Are You Updated?

The central government’s Sukanya Samriddhi Yojana (SSY), aimed at securing the financial future of girl children, has undergone significant rule changes as per the latest directives from the Union Finance Ministry. While the scheme has been popular among parents for securing their daughters’ futures, these recent amendments could bring new challenges for some account holders. The changes have been communicated to post offices nationwide, with instructions for immediate compliance.

New Rules and Implications

According to the Finance Ministry’s new guidelines, specific changes will affect the management and ownership of Sukanya Samriddhi Yojana accounts. One of the key changes is the mandate that all SSY accounts must now be transferred to the name of the girl’s parents or legal guardians. In cases where there are two SSY accounts under one family, only one will be allowed to continue. The existence of two SSY accounts for the same beneficiary will be considered a violation of the scheme’s rules, resulting in the closure of the duplicate account.

Documentation Requirements

The Finance Ministry has also emphasized the importance of proper documentation for SSY accounts. It is now mandatory for account holders to link the accounts with the PAN card and Aadhaar card of the parents or legal guardians. In cases where this linkage has not been established, the relevant documents, including the PAN card and Aadhaar number, must be promptly submitted to the post office managing the account. This is a nationwide directive, and post offices have been instructed to ensure compliance without delay.

Furthermore, if any doubts arise regarding the documentation or legitimacy of specific accounts, post offices are required to inform the Ministry of Finance for further action. This step aims to ensure transparency and adherence to the scheme’s regulations.

Immediate Action Required

These new guidelines have been implemented with immediate effect, and post offices across the country are actively working to enforce these changes. Account holders who fail to comply with these new rules may risk their accounts being closed. Therefore, it is crucial for all SSY account holders to review their account details, ensure proper documentation, and adhere to the revised rules to avoid any disruption in the benefits provided by the scheme.

Background of Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana was launched by the central government as a part of the ‘Beti Bachao, Beti Padhao’ campaign to encourage parents to save for their daughters’ future. It offers attractive interest rates and tax benefits, making it one of the most sought-after small savings schemes for the girl child. With these new rule changes, the government aims to streamline the scheme and prevent any misuse while ensuring that the intended beneficiaries continue to receive the benefits.