Change in account closure rule
The account of ‘Sukanya Samriddhi Yojana’ could be closed earlier on the
demise of daughter or change of residence of the daughter. But now the life-threatening illness of the account holder has also been included in this. The account can be closed prematurely even in the event of the death of the guardian.
Account of ‘third’ daughter will also be opened
Earlier, the benefit of tax exemption under 80C was available only on the account of two daughters. This was of no use to the third daughter. But now if one daughter is followed by two twin daughters, then there is a provision to open an account for both of them as well.
Revenge interest rule
There is a provision to deposit a minimum of Rs 250 in the account annually and a maximum of Rs 1.5 lakh. The account defaults if the minimum amount is not deposited. Under the new rules, if the account is not activated again, interest will continue to be paid at the rate applicable on the amount deposited in the account till maturity. It was not like this before.
Rules for operating the account
Earlier the daughter could operate the account in 10 years. But according to the new rules, now daughters are not allowed to operate the account before the age of 18 years. Till this age only the guardian will operate the account…Read More
Source By: techiyogizShare: