There are certain rules of Sukanya Samriddhi Yojana withdrawals. In this post, I will tell you the rules to get back the maturity amount. You would also learn the rules of Premature withdrawal. You can withdraw 50% amount from this account for the marriage and education of the girl. I have also given details of this facility.
10 Rules of Withdrawals From Sukanya Samriddhi Yojana
With these 10 rules, you would learn all about the withdrawal rules of Sukanya Samriddhi Yojana Account (SSA).
1. Account Matures After 21 years
Sukanya Samriddhi Yojana Account matures after 21 years of the opening. After this date, you can get the whole maturity amount. The maturity amount is credited to the bank account of the girl. To know the maturity amount after 21 years, you can use the Sukanya Samriddhi Calculator.
2. Documents Required
To get back the SSA Withdrawal amount, the girl has to produce identity, residence and citizenship proof. The Aadhaar card, voter ID card and passport would work for that.
3. No Interest After Maturity
As the account matures in 21 years, you should withdraw the balance as soon as possible. However, you can keep the amount in the account but it would not earn any interest.
4. Premature Withdrawal
You can withdraw from the SSA account before 21 years. The government has permitted premature withdrawal for the specified reason. It is possible for the education and marriage of the girl.
5. Maximum Premature Withdrawal
You can’t get the whole amount as premature withdrawal. Rather, the maximum amount can be the 50% of the previous financial year balance. Thus, if you apply for premature withdrawal in May 2018, the maximum amount would be the 50% of the balance on 31st March 2018.
6. Minimum Deposit Period for Sukanya Samriddhi Yojana Withdrawal
There is another condition of Premature withdrawal. You can get money before 21 years only if you have contributed to Sukanya Samriddhi Yojana for 14 years.
7. Get Money for Education
The government has permitted to withdraw from the SSA to fund for the higher education.
- You can withdraw only after the age of 18. However, the girl can get it earlier if she has passed the 10th Standard.
- You can get the amount in a lump sum or in instalments. The instalment would be only one in a year. The maximum period of the instalments is 5 years.
- The guardian or the girl has to submit the proof of further education. This would be the document of the confirmed education or fee-slip from the educational institution. The document should show that you need the amount.
8. Account Closure At the Time Marriage
The full withdrawal and closure of SSA are possible for the marriage of the girl. Earlier, it was possible only after the marriage but now you can withdraw it prior to the marriage. The marriage of girl should take place once she completes 18 years.
The Premature SSA closure is not possible if marriage date is more than one month away. Also, you can’t close the account if more than 3 months of marriage is passed.
9. Withdrawal After Girls’ Death
The account is closed immediately if the girl dies. The Guardian would get the balance and accumulated interest. However, the guardian has to submit a copy of the death certificate.
10. Girl Becomes NRI
This scheme is only for the resident Indian. If the girl becomes an NRI, the account should be closed within one month. The guardian or account holder should intimate about it within one month. The account does not earn any interest from the date girl become an NRI. The account is deemed closed from that date. The balance would be given to the Account holder or Guardian.