Sukanya Samriddhi Yojana Withdrawal
This account allows people to partially withdraw their money as and when they need it.
However, the girl child will be required to be at an age of 18 years before her guardian or parents can withdraw the money from the account.
Does Sukanya Samriddhi account allow partial withdrawal?
The account allows partial withdrawal. The Sukanya Samriddhi account holder can withdraw up to 50% of the total savings for fulfilling the purpose of marriage or higher education of his/her girl child.
The Sukanya Samriddhi account allows partial withdrawal only after the girl reaches the age of 18. It is because only after the age of 18, a girl becomes eligible for legal marriage or pursuing higher education.
The duration of a Sukanya Samriddhi account is 21 years. The account matures after completing 21 years. After that, if the account is not closed, the account holder would receive interest on her savings/balance as specified in the scheme.
Can I close my Sukanya Samriddhi account prematurely?
Yes, the Sukanya Samriddhi account can be closed prematurely. This can only happen when your daughter completes 18 years of age and provided she gets married.
The scheme has a minimum lock-in period of 8 years, excluding the maximum permissible age which is 10 years, within which you cannot withdraw any amount from the account. The account requires a minimum deposit of Rs. 250 every year, failing which the account will be discontinued.
Top Pages of Sukanya Samriddhi Yojana
FAQs on Sukanya Samriddhi Yojana Withdrawal
- What are the conditions when you can withdraw amount from Sukanya Samriddhi Yojana account?
Fund can be withdrawn from the SSY account once the girl child attains 18 years of age or passes 10th standard. Subject to actual requirement of fee or other charges or ceiling specified, withdrawal can made up to 50% of the available balance at the end of the preceding financial year or in one lump sum or in installments for a maximum duration of five years, not exceeding one withdrawal per year.
- What documents do I need to submit to withdraw funds from SSY account?
You need to submit a withdrawal application form along with identification proof, proof of citizenship, and proof of domicile to withdraw funds from SSY account.
- What happens if the balance is not withdrawn from SSY account?
The amount to be withdrawn from SSY account will receive no interest if the balance is not withdrawn after 21 years.
- What are the tax benefits offered under SSY account?
The tax benefits offered under Sukanya Samriddhi Yojana account are the EEE (exempt-exempt-exempt) classification and maximum tax-free return with sovereign guarantee. The maturity benefits are tax-free, and the annual contribution (contributions) made to the SSY account is eligible for a Section 80C deduction.
- Can loan facility be availed under SSY account?
No, loan facility cannot be availed by the beneficiaries under Sukanya Samriddhi Yojana account.
- When does SSY account mature?
The SSY account matures 21 years from the date of account opening or till the account holder gets married, whichever is earlier.
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