Vikas Gawri Highlights Two Major Financial Changes Effective from October 2024

Are you aware of the significant financial changes coming in October 2024? Renowned finance expert Vikas Gawri sheds light on two important updates: modifications to the Sukanya Samriddhi Yojana and the introduction of the APAAR Card for Students. Both changes are crucial for families and students in India, affecting long-term financial planning and academic tracking. If you're impacted by these schemes, read on to understand these changes and how they might affect you.

1. Sukanya Samriddhi Yojana: Key Updates to the Popular Savings Scheme

The Sukanya Samriddhi Yojana is a popular savings scheme designed to secure the financial future of girls in India. However, Vikas Gawri highlights two crucial updates to this scheme.

Guardianship Changes: According to a Department of Posts circular dated August 21, 2024, Sukanya Samriddhi Accounts opened by grandparents who are not the legal guardians will now see a change in guardianship. The circular states that "the guardianship shall be transferred to a person authorized by the law in force, namely the natural guardian (living parents) or the legal guardian." This shift ensures that only the rightful guardian manages the account, aligning with the law.

Multiple Accounts Violation: Families with more than two Sukanya Samriddhi Accounts, which violate the guidelines of the Sukanya Samriddhi Account Scheme 2019, will now see those irregular accounts closed. As per an Economic Times report, the circular mandates that excess accounts opened under the scheme will no longer be allowed, ensuring compliance with the scheme's guidelines.

These updates are crucial for families relying on the Sukanya Samriddhi Yojana, as they affect account ownership and compliance with the scheme's rules.

2. APAAR Card for Students: A Lifelong Academic ID

Vikas Gawri also highlights the introduction of the APAAR Card, a significant step for students in India. The APAAR ID card is designed to streamline academic tracking and make school transfers easier.

Lifelong Academic ID: The APAAR Card assigns a lifelong ID number to students, which tracks their academic achievements and journey from school to school. This unique identifier ensures that students' records remain consistent and easily transferable across institutions. The introduction of this card is expected to simplify transitions for students, ensuring that academic progress is accurately recorded and maintained.

This change will benefit students and educational institutions alike, making academic management more seamless and efficient. He shares the registration process below,

The process of APAAR ID registration online is as follows:

1. Visit the Academic Bank of Credits (ABC Bank) website.
2.  Click on ‘My Account' and select the ‘Student' option.
3. Click ‘Sign up' and enter the mobile, address and Aadhaar card details to create a DigiLocker account.
4. Log in to the DigiLocker account using the credentials.
5. DigiLocker will ask for your consent to share the Aadhaar card details with ABC for KYC verification. Select ‘I agree'.
6. Enter the academic details, such as school or university name, class, course name, etc.
7. Submit the form, and the APAAR ID card will be generated.

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Vikas Gawri's insights into the upcoming changes highlight the importance of staying informed. The Sukanya Samriddhi Yojana updates ensure compliance with legal guardianship rules and account guidelines, while the APAAR Card for Students simplifies academic record-keeping. These changes reflect the evolving landscape of financial planning and education in India. Families and students should take note of these updates to ensure smooth transitions and compliance in the future.