Parents investing in Sukanya Samrudhi Yojana were earlier exempted from income tax on the account of only 2 daughters. Now it has been changed and a discount has been applied for the third girl.
Investing in Sukanya Samriddhi Yojna is a great investment option to secure the future of girls. Large funds can be raised by investing in this scheme for higher education of girls, marriage etc. Now the Modi government has made several important changes in this investment scheme to attract more people.
By investing in this scheme to brighten the future of girls, your daughter can become a millionaire by the age of 21. If you want to invest in this plan or not, it is very important for you to know these changes beforehand.
What are the changes?
Parents investing in Sukanya Samrudhi Yojana were earlier exempted from income tax on the account of only 2 daughters. Now it has been changed and a discount has been applied for the third girl. This is a great relief for those who have twins for the second time after having their first daughter.
Similarly, an account holder girl can run her account only after she turns 10 years old. But now she will be able to do so only after completing 18 years of age. Only parents can operate the account till the girl reaches 18 years of age.
The first rule was that if at least Rs 250 was not deposited in this account every year, the account would have defaulted. But now it will not happen. Interest will be paid on the amount deposited till maturity. If the girl dies prematurely or her address is changed, the account of this scheme can be closed. But now the account can be closed even if the girl has a life threatening illness. Even if the parent dies, the account can be closed earlier.
At present Sukanya Samrudhi Yojana earns 7.6 percent interest. The scheme can be opened at Post Office or Bank. Investors get an income tax deduction of up to Rs 1.50 lakh per annum.