SSY Rules: The maturity period of the scheme is quite long in 21 years, so many times people start investing in the scheme, but are not able to continue for a long time or people find a scheme giving better returns than this and they want to close this scheme in between. In such a situation, what option do investors have? Know
SSY Rules: Sukanya Samriddhi Yojana (SSY) is a scheme which has been started by the government to secure the future of daughters. If the age of the daughter is less than 10 years, then the parents of the girl can invest in this scheme in her name. In Sukanya Samriddhi Scheme, you have to invest continuously for 15 years and this scheme matures after 21 years. At present, this scheme is getting interest at the rate of 8.2 percent.
Since the maturity period of the scheme is quite long in 21 years, many times people start investing in the scheme, but are not able to continue for a long time. At the same time, many times people find a scheme giving better returns than this and they want to close this scheme in the middle. If you are also thinking something like this, then you must know in which situations Sukanya Account can be closed before 21 years and in which situations you can withdraw money in the middle of maturity.
When Sukanya Samriddhi Account can be closed in the middle
- If the legal guardian of the girl dies before maturity, then the account can be closed in the middle. But this facility is available 5 years after opening the account.
- If the account holder girl gets any life-threatening disease. You can close the account if money is needed for treatment. But this facility is available only after 5 years.
- Even if you give up Indian citizenship, your account is considered closed. In such a situation, all the money is returned along with interest. But if you have settled in another country, but have not given up Indian citizenship, then this account can be continued till maturity.
In what situations can pre-mature withdrawal happen?
- If you want to send your daughter 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 turns 18 years old. This amount can also be 50 percent of the total balance of the previous financial year. But for this you will have to provide proof for higher studies.
- If the girl in whose name the investment is made in the scheme dies before the scheme matures, then her parents get the money invested in this scheme along with interest. However, for this, the girl’s death certificate has to be submitted.
- If your daughter gets married at the age of 18, then you can withdraw 50 percent of the balance in the account. But this 50 percent is of the total balance of the previous financial year. For this, the money can be withdrawn from one month before the girl’s marriage to three months after the marriage.
