Sukanya Samriddhi Yojana: Premature withdrawal in SSY

Sukanya Samriddhi Yojana: Dedicated to ensuring a secure future for your girl child, investing in this program proves to be extremely rewarding. By investing, you guarantee a financially sound path for their upcoming marriage and educational pursuits. Under this scheme, girls up to 15 years of age are allowed to open an account with an investment period of 15 years.

The completion period of this program is 21 years. Notably, the scheme offers the added benefit of compound interest calculated on an annual basis. By opening an account for your daughter, you can contribute a substantial amount to secure her future. Plus, you’ll get a competitive interest rate of eight percent.

Sukanya Samriddhi Yojana

It is important to know the premature withdrawal rules in Sukanya Samriddhi Yojana in case you want to close the account or withdraw money before the completion of the investment tenure, which is 21 years. Here are the terms and conditions regarding premature withdrawal

Withdrawal for daughter’s education: SS Yojana

  1. When the daughter turns 18, you can withdraw up to 50% of the amount from the account for her education.
  2. You must provide proof of educational expenses.
  3. Withdrawal can be taken in lump sum or in installments.
  4. Installments can be availed once a year for a maximum period of five years.

Premature Termination: Sukanya Samriddhi Yojana

If you have to close the account before the completion of the investment period then it is considered as premature closure.
In case of the unfortunate event of death of the girl child, the account can be closed, and you will have to submit the death certificate.

Withdrawal in case of illness: Sukanya Samriddhi Yojana

  1. If the girl child develops a serious illness, you can close the account to get funds for the treatment.
  2. Doctor’s report has to be submitted.
  3. This facility is available after five years of account opening.

Account closure on death of guardian: Sukanya Samriddhi Yojana

If the guardian of the beneficiary girl child dies before the maturity of the account, the account can be closed prematurely.

Return in case of renouncing citizenship: Sukanya Samriddhi Yojana

  1. If a girl child having an account in Sukanya Samriddhi Yojana gives up Indian citizenship and acquires citizenship of another country, then the account is considered closed.
  2. The entire invested amount is returned along with the interest earned.
  3. If the girl child resides in another country without giving up the citizenship of that country, the account can be continued till maturity.

These terms and conditions govern premature withdrawal in Sukanya Samriddhi Yojana. It is important to be aware of the need to close the account or withdraw funds before the completion of the investment period.

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