Warning: Sukanya Samriddhi Yojana! If you don't do this task before the 31st, your account will be locked! will incur a fine

Warning: Sukanya Samriddhi Yojana! If you don't do this task before the 31st, your account will be locked! will incur a fine

Big Update on the Sukanya Samriddhi Yojana: The government's Sukanya Samriddhi Yojana (SSY) program, which aims to empower daughters to become self-sufficient, is a topic of discussion both domestically and internationally. This program benefits thousands of people. If you consistently deposit little sums of money, you may eventually build up a sizable fund that yields high interest. But this particular advantage might be taken away from you by a single, little error.

Sukanya Samriddhi Yojana: Do not miss this crucial date if you have created a bank account under Sukanya Samriddhi Yojana for your daughter's better future. Your account will be terminated if you fail to complete significant Sukanya Samriddhi Yojana-related tasks on schedule. Prime Minister Narendra Modi recently praised the Sukanya Samriddhi Yojana in the Parliament, stating that in the past, there was always a conversation about how to pay for a daughter's expenditures and raise her for the future. These conversations happened as if they were a burden. These days, when a girl is born, the question of whether to register a Sukanya Samriddhi Account is posed. PM Modi's comment alone demonstrates the satisfaction, sincerity, and effectiveness of the government's program. Everything has been going well up until this point, but one little error on your part might cost you this unique advantage. Tell us everything in detail, please:

A frozen account will result if...

Sukanya Samriddhi accounts must have a minimum balance in order to be active. By March 31, 2024, if you don't keep the minimum amount, the account might be frozen. According to the government, you have until March 31, 2024, to deposit the required amount. However, this period of time is about to expire in a few weeks. The account will thereafter be terminated. So go quickly, and as soon as you get a moment, see whether it has the required minimum. If not, transfer funds to this account as soon as you can.

Additionally, be aware that reactivating the Sukanya Samriddhi Yojana account will result in a penalty. Nonetheless, since January 1, there has been a 0.20% rise in interest in the Sukanya Samriddhi Yojana for the fourth quarter of FY 2023–2024. You will now get an annual interest rate of 8.20 percent on your investment in this plan. You wouldn't want to give up these advantages after reaping so many rewards. Thus, finish the minimal amount objective as quickly as you can.

We would also like to inform you that the minimum amount required to participate in the Kanya Samriddhi Yojana is only Rs 250. It will be necessary to make an investment of Rs 250 in any given fiscal year. In order to revive the account once it becomes inactive, you will be required to pay a penalty of Rs 50 every financial year. You may deposit up to Rs 1.50 lakh in this.

EEE: a fully tax-free program

You may take out half of the entire sum placed when your daughter reaches eighteen and put it toward her future education. There are no taxes at all on this plan. That indicates, there is exemption on three separate levels i.e. EEE. original reduction. The Income Tax Act's Section 80C provides an exemption on yearly investments up to Rs 1.50 lakh. Additionally, earnings earned on these investments are tax-free. The amount received at maturity, the third exemption, is also tax-free.