Sukanya Samriddhi Yojana Age Limit

FAQs on Sukanya Samriddhi Yojana Age Limit

• What is the maximum age limit for opening a Sukanya Samriddhi Yojana account?

  The Sukanya Samriddhi Yojana account can be opened for a girl child up to the age of 10 years. This means that the account must be opened before the girl child’s 10th birthday to be eligible for this scheme. 

• Can a Sukanya Samriddhi Yojana account be opened after the girl child turns 10?

  Generally, an account cannot be opened after the girl child turns 10. However, there is a special provision that allows girls born on or after 2nd December 2003 to open an account even if they are slightly above the age of 10 at the time of application. This relaxation was provided when the scheme was initially launched to include more beneficiaries. 

• Is there a minimum age for opening a Sukanya Samriddhi Yojana account?

  There is no specific minimum age for opening a Sukanya Samriddhi Yojana account. The account can be opened as soon as the girl child is born. Many parents choose to open this account shortly after the birth of their daughter to start saving early for her future needs. 

• What is the age limit for making partial withdrawals from a Sukanya Samriddhi Yojana account?

  Partial withdrawals from the Sukanya Samriddhi Yojana account are allowed when the girl child reaches the age of 18. This provision is designed to help cover significant expenses such as higher education or marriage. The amount that can be withdrawn is limited to 50% of the balance at the end of the preceding financial year. 

• At what age does the Sukanya Samriddhi Yojana account mature?

  The Sukanya Samriddhi Yojana account matures 21 years after the date of opening. Regardless of the age of the girl child at the time of opening, the account will mature 21 years later, at which point the entire balance, including accumulated interest, will be payable to the account holder. 

• Can the maturity of the Sukanya Samriddhi Yojana account be extended beyond 21 years?

  No, the maturity period of the Sukanya Samriddhi Yojana account is fixed at 21 years from the date of opening. There is no provision for extending the account beyond this period, even if the funds are not immediately needed. 

• Is there any age-related restriction on closing the Sukanya Samriddhi Yojana account early?

  Yes, the Sukanya Samriddhi Yojana account can be closed early under specific circumstances. One such circumstance is the marriage of the account holder, provided she is at least 18 years old. The account can also be closed early in the event of the unfortunate death of the girl child. In both cases, the account balance, including interest, will be paid out, and the account will be closed. 

• Can the account be continued after the girl child turns 18?

  Yes, the account continues to function and earn interest even after the girl child turns 18. The account will only mature and need to be closed 21 years after it was originally opened. The account holder can continue to make deposits until the 15th year, and the interest will continue to accrue until maturity. 

• What happens if the account is not closed after it matures at 21 years?

  If the account is not closed after it matures at 21 years, it will stop earning interest. The account balance will remain, but no additional interest will accrue. Therefore, it is important to close the account and withdraw the funds once the maturity period is reached to maximise the benefits. 

• Can a Sukanya Samriddhi Yojana account be transferred if the girl child changes her residence?

  Yes, the Sukanya Samriddhi Yojana account can be transferred if the girl child or her parents/legal guardians change their residence. The transfer can be done within India from one bank or post office to another. However, the age-related rules and the original maturity period of 21 years from the account opening date will remain unchanged, regardless of the location of the account.