The Sukanya Samriddhi Account (SSA) is among the government-backed savings options available to parents planning for their daughters' future. By allowing annual deposits from as little as Rs 250, the scheme gives families an opportunity to build a sizeable fund over the long term, particularly for education and marriage-related expenses.
There may be instances when parents miss the annual deposit deadline or forget to maintain the minimum contribution. Such a lapse does not mean the money accumulated in the account disappears.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Parents operating an SSA must ensure that the annual deposit does not fall below Rs 250. Under the scheme rules, contributions must be made between April 1 and March 31 each financial year. The total amount deposited in a year cannot exceed Rs 1.5 lakh.
Missing the minimum payment deadline puts the account in default. The classification does not mean that the account is permanently shut or that the balance built up through earlier contributions is lost.
ALSO READ: Want To Build A Rs 30-Lakh Corpus For Your Child? Here's How LIC Plans Work
The scheme allows account holders to bring a defaulted account back into operation by depositing the arrears and paying the prescribed penalty.
How Much Penalty Do You Have To Pay?
An account holder can bring a defaulted SSA back into regular status by clearing the unpaid deposits and paying a penalty of Rs 50 for each year of default. The outstanding contribution is calculated at Rs 250 for every financial year in which the minimum deposit was not made.
For example, a parent who has missed the minimum deposit for three years will have to pay Rs 750 towards the pending contributions. An additional Rs 150 will be charged as a penalty, taking the total amount payable to Rs 900.
The scheme allows account holders to rectify such defaults until the account completes 15 years from its opening date.
Missing the 15-year deadline for restoring a defaulted Sukanya Samriddhi Account does not result in the loss of the money deposited over the years.
The Sukanya Samriddhi Account Scheme, 2019, provides that the balance in such an account, including contributions made before it fell into default, continues to earn interest at the scheme's applicable rate. The interest accrual continues until the account is closed.
This means parents do not lose their accumulated savings simply because they have failed to make the mandatory annual deposits or regularise the account within the prescribed period.
A simple way to prevent an SSA from slipping into default is to treat the annual contribution as a fixed financial commitment. Parents should deposit at least Rs 250 every financial year rather than wait until the March 31 deadline approaches. Standing instructions or payment reminders can make this easier.
The deposit requirement applies for 15 years from the account's opening date. Staying consistent with contributions during this period can help parents build a financial cushion for their daughter's education and other future expenses.
Also Read | Opened Sukanya Samriddhi Account For Two Daughters? Know The Deposit Limits And Rules
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.