Sukanya Samriddhi Yojana is quite popular for daughters. In this scheme, you can invest for your daughter’s education and marriage. This scheme matures after the daughter turns 21 years old. Investment in this scheme has to be made for 15 years. In such a situation, the question remains whether this scheme can be closed before maturity?
SSY Withdrawal Rules: The Government of India started Sukanya Samriddhi Yojana (SSY) under the Beti Bachao-Beti Padhao campaign. This scheme is specially for daughters. In this scheme, parents invest for the education and marriage of the daughter and when the daughter turns 18, she gets interest along with the investment amount.
Investment has to be made in this scheme for 15 years. After this, there is no need to invest and withdrawal can be done after the daughter turns 18 years old. However, this scheme matures after the daughter turns 21 years old. If you are also thinking of getting this scheme done for your daughter, then let us tell you that the age of the daughter should be less than 10 years. Currently, the government is offering an interest of 8.2 percent in this scheme.
In this scheme, investment has to be made continuously for 15 years, so many times the question comes in the mind of the investor whether this scheme can be stopped in the middle. We will tell you whether the scheme can be closed before maturity or not.
The scheme can be closed before maturity
According to the rules of Sukanya Samriddhi Yojana, this Sukanya account can be closed before maturity. This scheme is closed only in certain special cases.
- If the child’s legal guardian or parents die, the scheme can be closed midway. This scheme has a lock-in period of 5 years. In such a situation, the account can be closed only after 5 years.
- If the daughter gets a serious illness, then in this situation the guardian can close the account by submitting the documents related to the illness. This facility also applies after 5 years.
- If the daughter or the guardian has given up Indian citizenship, then the account is considered closed. In this situation, the investor gets only the investment amount. He does not get interest money. On the other hand, if the investor is only settled in another country but has Indian citizenship, then in such a case the account continues till maturity.
When can you do pre-mature withdrawal
- If you need money for your daughter’s higher studies after she passes 10th, you can do a pre-maturity withdrawal. In this, you can withdraw only 50% of the amount. For this withdrawal, you will have to submit proof related to higher studies.
- If the daughter dies before maturity, then the parents or guardian get the entire amount before maturity. In this, interest money is also received along with the investment amount. In this situation, the guardian has to submit the death certificate.
- If you marry your daughter at the age of 18, then you can withdraw only 50% from the Sukanya account. You can do this withdrawal one month before the daughter’s marriage or three months after the marriage.
