Now Reading: NRIs cannot open Sukanya Samriddhi Yojana accounts
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NRIs cannot open Sukanya Samriddhi Yojana accounts
Non-resident Indians (NRIs) cannot open a Sukanya Samriddhi Yojana (SSY) account, the India Post website clarifies. Only resident Indian citizens can invest in the scheme, which is meant for a girl child…
The Story in Brief
Non-resident Indians (NRIs) cannot open a Sukanya Samriddhi Yojana (SSY) account, the India Post website clarifies. Only resident Indian citizens can invest in the scheme, which is meant for a girl child under 10 years of age. The account can be opened by a parent or legal guardian. NRIs can invest in other products like fixed deposits, NPS and mutual funds but not in SSY. The scheme offers a current 8.2% annual interest, tax deductions under Section 80C up to Rs 1.5 lakh, and triple tax exemption on deposit, interest and maturity. Minimum deposit is Rs 250 per year; missing it attracts a Rs 50 penalty per default year.
The Indian Opinion
The no-NRI rule is often misread as a government slight against non-resident families. In reality, the scheme is a subsidised social security tool, funded by domestic savings. The 8.2% interest and tax breaks are meant for resident taxpayers. If NRIs want similar benefits, they should first ask themselves why their daughter’s future needs a special government scheme rather than their own overseas earnings. The real test will come if the government ever extends SSY to NRIs, and whether it then caps the number of accounts per family.
Source: economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
