Sukanya Samriddhi Yojana: You have to invest in Sukanya Samriddhi Yojana for 15 years. The account matures in 21 years and you get the money with interest. But if you want to withdraw money from this account before 21 years, then you can do so under certain conditions.
SSY Withdraw Rules: If you are the parents of a daughter and want to secure her future, then you can invest in Sukanya Samriddhi Yojana. Any Indian citizen can invest in it for his daughter below 10 years of age. Under this scheme, a minimum of Rs 250 and a maximum of Rs 1.50 lakh can be invested annually. You have to invest in this scheme continuously for 15 years. After this, this account continues for the next six years and in 21 years the account matures and you get the money with interest. But if you want to withdraw money from this account before 21 years, then you can do so under certain conditions.
When daughter gets married
If your daughter gets married at the age of 18, then you can withdraw 50 percent of the balance in the account. But this is 50 percent of the total balance of the last financial year. For this, money can be withdrawn from one month before the girl’s marriage to three months after the marriage.
For higher studies
If you want to send your child for higher studies after 10th and you need money for this, then you can withdraw up to 50 percent of the amount after your daughter completes 18 years of age. This amount can also be 50 percent of the total balance of the last financial year. But for this you will have to give proof for higher studies.
Upon the death of the girl
If the girl comes of age before the scheme matures, her parents get the money invested in this scheme along with interest. However, for this the death certificate of the girl has to be submitted.
In these situations the account can be closed
- If the legal guardian of the child dies before maturity, the account can be closed midway. But this facility is available after 5 years of opening the account.
- If the account holder child suffers from any fatal disease. If you need money for treatment, you can get the account closed. But this facility is also available only after 5 years.
- Even if you give up Indian citizenship, your account is considered closed. In such a situation, the entire money is returned after adding interest. But if you have settled in another country, but have not given up Indian citizenship, then this account can be continued till maturity.
